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Oil & Gas
Melbana Energy has short term promise from the Puka gas project in the Taranaki, but adding to its Cuba project now has a more positive position in a big gas and oil play in offshore Western Australia.
Air New Zealand has begun court action against two of its fuel suppliers as a result of the pipeline rupture near Marsden Point late last year that caused major disruption to air travel from Auckland.
With the political hullaballoo created on domestic petroleum exploration, a Government department has detailed the country’s established gas reserves.
The Government’s decision to allow regional taxes on petrol may provide fuel for a political backlash, particularly if the bowser price hits $3 a litre.
An international oil and gas website has detailed the action of the New Zealand Government in banning future offshore oil permits, pointing out the small size of the industry in global terms, but its importance for local jobs.
The Taranaki region which was unimpressed with the ban on future offshore exploration permits by the Government is also claiming the Budget has overlooked the proposal of providing a royalty from oil and gas production.
The New Zealand arm of petroleum giant ExxonMobil detailed an improved performance in calendar 2017 with a prime asset being equity in Refining New Zealand.
Planned exploration work and the improving oil price is seen as lifting the exploration tempo next year.
The stellar performance of Refining New Zealand continued in March and April helped by demand but the challenge for May-June may be the planned refinery shutdown for maintenance and upgrades.
An experienced corporate and investment figure has been appointed to the board of TAG Oil.