Articles tagged with Oil
New Zealand Releases Oil Tickets to Support Global Supply Amid Strait of Hormuz Closure
2 days ago | 147 viewsNew Zealand will release 1.577 million barrels of crude oil purchase options, known as oil tickets, to support the International Energy Agency’s collective response to oil supply disruptions caused by the Strait of Hormuz closure. This contribution, part of a larger IEA release of 400 million barrels, aims to ease global refinery pressure and stabilize markets without affecting New Zealand’s domestic fuel security. The released tickets pertain to crude oil and fuels incompatible with New Zealand’s system, meaning no physical oil supply will be directly released.
Tags: New Zealand International Energy Agency Shane Jones Strait of Hormuz oil tickets crude oil fuel security Middle East Ministry of Business Innovation and EmploymentAndy Knight Named Chair of Expert Panel for $200M Gas Security Fund
1 month ago | 200 viewsAndy Knight has been appointed chair of the expert panel advising the New Zealand Government on applications to the $200 million Gas Security Fund, which aims to enhance domestic gas supply and storage amid declining production. The panel also includes geophysicist Tim Allan and energy sector professional John Pagani, with two more members to be appointed, and will provide independent, expert advice to decision-making ministers Shane Jones and Chris Bishop. The fund, administered by Kānoa – Regional Economic Development & Investment Unit, supports projects with short- to long-term benefits to secure affordable and reliable gas for New Zealand’s economy.
Tags: Andy Knight Shane Jones Tim Allan John Pagani Chris Bishop Gas Security Fund New Zealand Oil & Gas Energy Efficiency Conservation Authority Taranaki Iwi Holdings OMVGovernment Commits $28M for Hill Country Erosion Control to Protect Farmland
1 month ago | 323 viewsThe Government is investing nearly $28 million in the Hill Country Erosion Programme (HCEP) to support erosion control projects from 2027 to 2031, aiming to protect productive land and reduce environmental and economic impacts. The programme, established in 2007 and supported by multiple councils and landowners, focuses on treating vulnerable land, creating farm-scale erosion control plans, and building regional capability. Agriculture and Forestry Minister Todd McClay emphasized the programme’s role in helping farmers prepare for severe weather and safeguarding soil health for future sustainability.
Tags: Todd McClay Hill Country Erosion Programme Agriculture and Forestry Minister Te Uru Rākau New Zealand Forest Service erosion control productive land soil health regional councils farmland protectionRodger Finlay Appointed Reserve Bank Chair and Rhiannon McKinnon Joins Board
3 months ago | 385 viewsRodger Finlay has been appointed Chair of the Reserve Bank, continuing his leadership since August 2023, while Rhiannon McKinnon joins the Bank’s Board for a five-year term. These appointments are part of a broader refresh of the Reserve Bank, which includes new leadership, committees, and a focus on increased accountability, transparency, and banking competition. Both appointees bring extensive experience in governance and financial management, supporting the Bank's statutory responsibilities and government expectations.
Tags: Rodger Finlay Rhiannon McKinnon Nicola Willis Reserve Bank Kiwi Wealth NZ Post Kiwi Group Holdings NZ Oil and Gas PGG Wrightson NZ Film CommissionNew Zealand Tightens Grip on Russian Crude Oil and Enforces Sanctions
6 months ago | 582 viewsNew Zealand has joined Canada, the EU, and the UK in lowering the price cap on Russian crude oil to USD $47.60 per barrel to cut off funding for Putin's war in Ukraine. Additionally, New Zealand has sanctioned Russian actors involved in cyber-attacks, including military intelligence Unit 29155, for using malware against Ukrainian government networks. These sanctions mark New Zealand's 32nd round, targeting individuals, entities, vessels, and shadow fleet vessels involved in chemical weapons, disinformation, and illicit activities in North Korea and Iran.
Tags: Winston Peters New Zealand Russia Ukraine sanctions Putin oil chemical weapons disinformationNew Zealand Petroleum Exploration Permits Open in September: Crown Minerals Amendment Bill Impact
7 months ago | 1200 viewsThe Crown Minerals Amendment Bill, following its third reading, will allow operators to apply for new petroleum exploration permits starting in September. The Bill removes the ban on oil and gas exploration beyond onshore Taranaki, introduces a new tier of permit for small-scale non-commercial gold mining, and aims to boost investment in Crown-owned minerals. Changes in liability for decommissioning costs and the need for clarity in regulatory burden and risk are also addressed in the Bill to enhance investor confidence and energy security.
Tags: Shane Jones petroleum exploration permits Crown Minerals Amendment Bill oil and gas exploration energy security natural gas decommissioning investment liability