New Zealand Petroleum and Minerals business unit

MEDIA STATEMENT

Thursday, 14 April 2011

New Zealand Petroleum and Minerals business unit

A strategic review of Crown capability to manage the petroleum and minerals estate is nearing an end, Ministry of Economic Development Acting CEO Mark Steel announced today.

A review undertaken in 2010, showed that there was an immediate and ongoing need to increase Crown capability and capacity to meet the government’s objective of maximising the returns to New Zealand from the development of oil, gas and mineral resources.

On 2 May, New Zealand Petroleum and Minerals will replace Crown Minerals, which currently manages the petroleum and minerals estate on behalf of the Crown. The new, larger business unit will remain within the Ministry of Economic Development.

“To develop petroleum and mineral resources in an environmentally responsibly way for economic advantage, we must ensure that we are world leading at how we manage those resources,” said Mr Steel.

“New Zealand Petroleum and Minerals will build on the strengths of Crown Minerals, but will have a strengthened commercial focus, greater sector and industry leadership responsibilities, and enhanced capability in the form of specialist skill sets and greater numbers.”

Capability building will be focused across four directorates, one each focused on the petroleum and minerals resource portfolios, and two cross-cutting groups focused on geological information and business services. Staff numbers are expected to increase from around 40 to around 70 over time. The General Manager will report directly to the Ministry’s Chief Executive David Smol.

The Ministry has appointed Robert Pigou to Transition Manager New Zealand Petroleum and Minerals, until such time as a General Manager is appointed. Robert was most recently Executive Director Mergers and Acquisitions at Ernst & Young Wellington from 2000-2010. He also has past expertise in international resources financing, and has worked across several major geothermal and hydro energy development projects.

The review of agency capability was one of seven action points announced in the Petroleum Action Plan in November 2009.

ENDS

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