Lessons on petroleum benefits
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Date
2014-01
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Popular Press / News Item
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Abstract
The prospect of renewed exploration for petroleum offshore New Zealand has generated
plenty of interest amongst the general public, business interests and government. New Zealand
has an offshore exploration history dating back to the 1960s, several producing fields, and
petroleum exports worth $1.5 billion annually, but we are a tiny player in the world petroleum
market. Petroleum exploration and production involves risk and cost, as does almost every
economic activity, and there are some recent examples of major environmental mishaps in
production, and transport of oil and gas. But focusing solely on some well-publicised incidents or
on carbon emissions and climate change impacts from fossil fuel provides a partial picture of the
petroleum industry. We can observe how petroleum activities are managed in Norway, a midsized
country with a similarly small population (5 million people) and a large offshore petroleum
industry.
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