New Zealand secures oil reserves under IEA obligations

New Zealand in a move to meet the obligations set by the IEA, has secured net oil reserve for the year 2010, as stated by Energy and Resources Minister Gerry Brownlee. The nation needs to hold 90 days of the previous year’s net oil imports as mandated by IEA.

Additional oil reserves, secured through an international tender, are held under ‘ticket’ contracts. Government is free to purchase petroleum in case of any emergency called by the agency. Tickets for 100,000 tonnes of crude oil and petroleum would be there for 2010 against 107,000 tonnes in 2009, 285,000 in 2008.

Expressing the government’s commitment to continue with gas exploration and production program, Mr. Brownlee added, “Burgeoning production inNew Zealand has meant we’ve had to tender for fewer tonnes of oil each year. With the Maari, Tui and Kupe fields on stream, it’s likely currently levels of production will be maintained or increased in coming years.”

New Zealand also holds reserves in Australia, Japan, the UK and the Netherlands which are counted towards the IEA obligations under a mutual deal between the nations.

Tags:  IEA, New Zealand, oil, reserves