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John Carnegie: Energy Resources Aotearoa CEO on oil and gas exploration applications reopening · Best of Business

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  Speaker 1: You're listening to a podcast from News Talk Z'B follow
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  Speaker 2: Right from today, Oil and Gas ben officially gone. There's
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  Speaker 2: a new faster pathway that's been announced as well that
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  Speaker 2: you can go and explore on. The first application was
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  Speaker 2: actually put in less than two hours after the process
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  Speaker 2: reopened at midnight, which is good news if you're in
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  Speaker 2: the business. John Carnegie is with US Energy Resources out here.
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  Speaker 3: Hey John, yep, good afternoon.
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  Speaker 2: Do you know who this applicant is? What do we
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  Speaker 2: know about them?
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  Speaker 3: No? No, that's obviously confidential. Good a minister in the ministry.
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  Speaker 3: But given the time that they put the application in,
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  Speaker 3: hopefully it's from someone offshore.
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  Speaker 2: You'd hope. So how worried will they be about labor
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  Speaker 2: and the Greens?
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  Speaker 3: Oh? Look, ongoing policy certainty is critical to investors, and
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  Speaker 3: so there will certainly be a factor that investors all
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  Speaker 3: way up the likelihood of another policy reversal. And you
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  Speaker 3: know that's just not helpful.
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  Speaker 2: How long, realistically, let's say this applicant is successful, they're
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  Speaker 2: allowed to go and explore. Let's say they find something.
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  Speaker 2: How long realistically between application searching and extracting.
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  Speaker 3: Well. Look, it's interesting because the lengthy timelines proposed by
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  Speaker 3: groups like Greenpeace actually aren't grounded in reality. In fact,
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  Speaker 3: the arithmetic nonsense, because even recent history shows that the
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  Speaker 3: fields can be brought to market quickly. And this is
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  Speaker 3: even offshore. Offshore Pohakura took six years from discovery to production,
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  Speaker 3: whilst some other offshore developments were as short as free
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  Speaker 3: and on shore of course it's even faster. The Touringy
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  Speaker 3: field was producing within a year. So look where there
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  Speaker 3: were longer delays in the past, that was because of Maui,
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  Speaker 3: a globally significant find which was meeting almost all of
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  Speaker 3: New Zealand's needs at the time. So there was absolutely
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  Speaker 3: no urgency to rush any other developments to market. And
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  Speaker 3: I think the counterpoint line is today's situation is very,
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  Speaker 3: very different. We face a significant gap between supplying demands.
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  Speaker 3: We've got an energy shortage and that means that any
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  Speaker 3: discoveries would be developed much more quickly to meet that demand.
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  Speaker 2: John, appreciate your time, John Carnegie's with US Energy Resources
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  Speaker 2: out here all right.
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