<
https://theconversation.com/global-demand-for-oil-could-peak-soon-nzs-plan-to-revive-offshore-exploration-doesnt-add-up-232154>
"This week’s announcement of the government’s plans to reopen New Zealand’s
territorial waters to oil drilling comes as no surprise. All three coalition
parties campaigned on reversing the 2018 ban on offshore oil exploration.
But it flies in the face of projections that demand for oil could peak as early
as this decade.
Minister for Resources Shane Jones has confirmed the government plans to
reverse the ban later this year and seeks to incentivise oil investors by
paying them a bond in case their drilling rights are cancelled by future
governments.
The government is also considering weakening a law that requires oil and gas
permit holders to pay for the decommissioning and clean-up of wells. This law
was passed in 2021 in response to taxpayers having to pick up a NZ$400 million
bill for decommissioning the Tui oil field after the financial collapse of the
oil company.
The government’s decisions go against projections by many sources, including
the International Energy Agency, that demand for oil will decline soon as we
electrify the global transport fleet. Consequently, investment in oil
exploration is projected to decline too."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
