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2011 oil reserves target met
19 January 2011
Media
Statement
2011 oil reserves target met
Energy and Resources Minister Gerry Brownlee today announced that New Zealand has secured oil reserves for 2011 that ensure the country will continue to meet its international obligation to hold 90 days of the previous year's net oil imports.
"The 90 day target is part of the New Zealand's obligations as a member of the International Energy Agency (IEA),” Mr Brownlee said.
Requirements for additional oil reserves to meet the 90-day target have declined over the past five years as New Zealand's domestic production of crude and condensate has increased. The government will continue to promote exploration and production of oil and gas, which is being coordinated through the Petroleum Action Plan and the work undertaken by Crown Minerals.
Additional oil reserves have been secured through a global tender, with stocks held under 'ticket' contracts, which provide the government with an option to purchase petroleum in the event of an IEA-declared emergency.
Tickets have been secured from Japan for 35,000 tonnes of diesel for 2011. This volume compares with ticket contracts for additional reserves of 100,000 tonnes in 2010, 107,000 tonnes in 2009, 285,000 tonnes in 2008, and 461,000 tonnes held in 2007.
New Zealand's total 90 days obligation for 2011 is 1.2 million tonnes. The majority of these reserves are commercial stocks held by companies in the petroleum sector.
The government has entered into bilateral arrangements with the governments of Australia, Japan, the United Kingdom and the Netherlands, which enable stocks held in those countries to be counted towards New Zealand's IEA obligations. The arrangements require New Zealand to seek approvals for proposed quantities of tickets and include an undertaking by the host government not to impede release of stocks to New Zealand in the event of an emergency.
"I am very pleased that New Zealand will continue to be in full compliance with its IEA obligations," Mr Brownlee said.
"I would also like to again thank the government of Japan for their help and cooperation to enable New Zealand to meet its stock holding obligations.”
New Zealand has been in compliance with the target since 1 January 2007.
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