Unlocking New Zealand's economic potential from petroleum is the theme of the four-day 2010 New Zealand Petroleum Conference starting in Auckland tomorrow.
Norway's economic transformation through the North Sea oil boom is being heralded as the way ahead for New Zealand as oil and gas exploration become more attractive to major offshore companies.
In 2008-09, the sector became New Zealand's third largest export earner with returns of $2.8 billion. This week, OMV New Zealand announced that 18 months since flows began it had produced its 10 millionth barrel of oil from its Maari field, which has an expected life of 10 to 15 years.
This year's keynote speakers include Farouk Al-Kasim, credited with much of Norway's success as one of the world's leading oil-producing nations, and Bill Buechler, a US-based investment consultant with Buechler Capital Asset Management, who also launched the Kiwi-Pacific Fund to invest in New Zealand and Australia and the South Pacific region.
Also making presentations are New Zealand Oil & Gas, McDouall Stuart Securities, Crown Minerals, Shell, Anadarko, AWE and Greymouth Petroleum and Solid Energy. Finance Minister Bill English and Energy and Resources Minister Gerry Brownlee will attend.
Both the petroleum and mining sector have been singled out by the National-led Government as sectors capable of leading New Zealand out of recession, with oil-field exports having played a major part in cushioning the country's trade deficit during some quarters.
Another keynote speaker is petroleum taxation expert Prof Alex Kemp, a consultant on international trends in petroleum taxation and regulations.
Crown Minerals has repeatedly been topped up with funds to undertake its own hydrographic surveys and data collation, including $25 million in the last funding round, looking at predominantly New Zealand's "frontier" oil basins, including the Great South Basin.
Of interest to the South Island economies will be presentations by OMV New Zealand and Origin Energy, both with oil exploration stakes in respectively the Great South Basin and Canterbury Basin, and listed L&M Energy, with its probes in Southland looking for coal seam gas.
• Reporter Simon Hartley is being hosted at the conference by Crown Minerals.
