NZ energy crisis good news for Aussies

Bruce Phillips puts the situation starkly. “For a small company, New Zealand is geologically and commercially a far better bet than Australia for oil and gas exploration.”

Phillips’ company, Australian Worldwide Exploration, is among 10 Australian-based companies that see the rapid decline of New Zealand’s Maui gasfield as providing good commercial opportunities.

..New Zealand is expected to face a gas shortage sometime in 2008-10, following the expected loss of the Maui gas field in 2007, official sources say.

There has been increased gas exploration and development, but more than 32 wells drilled since 2004 have delivered little gas.

As renewable alternatives such as geothermal and solar energy have limited expansion potential and no large hydro sites are likely soon, finding more fuel is becoming imperative.

The Australian