The review of the Crown Minerals Act has been welcomed by the Petroleum Exploration and Production Association of New Zealand (PEPANZ).

"This is a major piece of work that is very important to the future of New Zealand’s energy system and economic well-being. It will have a big impact on ensuring New Zealanders have affordable, reliable and sustainable energy for decades to come," says PEPANZ spokesman Phil Rennie.

"We support the Government’s goal of a productive, sustainable and inclusive economy. Our sector has a major role to play in this, especially natural gas which will be a key transition fuel providing lower-emissions energy.

"We also support the proposal for greater flexibility for existing offshore permit holders, given the implications of the ban on new exploration permits last year.

"There are significant issues raised that will require careful consideration such as changing the purpose of the Act and adding wider non-economic priorities. We need to be careful not to undermine the smooth transition both Government and industry are keen to support.

"We are very concerned at the short timeframe at a busy time of the year with submissions closing in just over four weeks.

"It’s crucial this process isn’t rushed and we take the time to get it right, given the substantive nature of the proposals and the serious implications.

"Experience tells us that rushed law is rarely good law. A submission period concluding in the New Year rather than right before Christmas would be more befitting such a complex piece of policy and legislation."

© Scoop Media