ENERGY
New Zealand
New Zealand’s international competitiveness and economic growth is extremely reliant on an efficient, affordable and reliable energy sector. Although New Zealand is self-sufficient in all energy forms except for oil – imported oil represents over 80% of the country’s total energy supply (Source: Ministry of Economic Development). To prevent New Zealand’s increasing dependence on imported fuel, the Government has introduced legislation to attract oil and gas exploration companies. New gas supplies are important for electricity generation particularly as New Zealand’s largest gas reserve (Maui) will be exhausted by 2009. Companies specializing in oil and gas exploration also undertake geothermal well drilling contracts for electricity generation companies.
The Government’s energy policy initiative has stimulated the entire sector. The oil and gas industry is experiencing strong growth and new electricity generation projects focusing on renewable energy forms are planned. Renewable energy has always been a major part of the country’s total primary energy supply particularly for electricity generation focusing on hydro, geothermal and wind. Energy conservation measures and incentives supplement this effort.
Oil and Gas Equipment Imports
Millions of US dollars 2004 2005 *2006
Total Market Size 216 249 208.5
Total Local Production (Est.) 85 90 95
Total Exports 48.9 58.4 56.3
Total Imports 179.9 217.4 208.5
Total Imports from the U.S. 37.9 41.2 40.1
Source: New Zealand Statistics
Note: Statistics are estimates based on historical data and on projections for relevant categories: such as building materials and construction, and restaurant equipment and furnishings.