Fuel Shortages

And just in from RNZ, govt fucking around kills investment in Taranaki oil field. Buy buy jobs, more jobs and export revenue (I would say energy security, but ya'know, we closed our only refinery.

In a statement on its website, Jadestone - a second-tier oil and gas player headquartered in Singapore - said due to a lack of progress on regulatory approval, and the resultant uncertainty, the companies had reluctantly decided to terminate the transaction.

Jadestone president and chief executive Paul Blakeley said with the current license expiring in 2027 there was not enough time to confidently invest in Maari and it was time to move on.

"Whilst disappointing, we have been signalling that the lack of progress on Maari was an increasing concern and today, almost 12 months after the new legislation came into effect, there is still little to no clarity on what is required from Jadestone to receive the necessary government approval to complete the acquisition," Blakeley said.

"When balanced against the growing number of alternative growth opportunities elsewhere in the wider Asia-Pacific region, Jadestone cannot continue to spend time and resources on the Maari process, and we are firm in the belief that this decision is in the best interests of the company."

Blakeley said, at a time when energy security was at a premium and the pathway to a lower carbon economy becoming more complex, the International Energy Agency (IEA) had highlighted the importance of investment into currently producing oil and gas fields to ensure maximum recovery of resources that had already been discovered.

"The Maari Project represented an excellent example of this approach, where we had identified several significant investment opportunities as a result of large in-place reserves.

"Unfortunately, the asset is now unlikely to see the type and scale of inward investment that had been planned by Jadestone."

www.rnz.co.nz/news/national/478347/50m-maari-oil-field-deal-terminated-amid-regulatory-uncertainty

So maybe if the big guys pull out of Taranaki it will leave the door open for NZ companies to get in on the oil “rush” if it ever kicks off again ?

Accept you need to actually know what you are doing with oil & gas. 

Who has NZ got left in this sector? Todd Energy? My understanding is that most of the competitive advantage in oil and gas is in IP. Where the oil is, what your reserves actually are, what condition you rigs, pipelines etc are in, and what you need to do to keep them working.

Pike River Coal Ltd was an NZ company wasn't it?

I just can't see how the govt thinks it can regulate or control the price of one of the most traded international commodities. Venezuela went down this path. I'm not sure it worked out too well for them.

All you need to do is add a risk to an international corporations balance sheet, and they will be gone like donkey kong. Risk of govt intervention in stock holding and profit. BOOM! see you later.

PS, the stock holding is really interesting when combined with the biofuel E10 requirements. E10 fuel has a max shelf life of 90 days. But you have to hold a minimum of 28 days stock, meaning the average stock holding will be more, maybe 40 days say. That leaves you 50 days to distribute, store onsite, sell and use the E10 shit. How long does petrol site in forecourt tanks for? The rural gas stations, how often would they receive a tanker?

Isolated communities, the islands, contractors and farmers onsite storage? what a fucking disaster. I can see Megan Woods has kicked the E10 requirement till after the election so we don't have trucks, utes and emergency vehicles breaking down in every corner of NZ during the election campaign.

It's one way of getting out of cars and back to horse and carts......oops they fart as well.

I don't give a fuck about Luxon. He hasn't said anything. Hasn't committed to anything.
Seymour is my man.

There is more than 1 opposition party in NZ. I get sick of people thinking we are still first past the post. That went out 25 years ago.

In the new govt, Seymour can be the guy with the vision, the PM perhaps. Luzon can be in charge of delivery. What he is (allegedly) good at based on his private sector experience.

Imagine if you set up a govt up like a corporation. None of the BS with Ministers. You had the ops manager, the strategy guy, the finance guy. You could keep marketing and HR ringfenced in the corner, and have a whole lot of doers instead.

So when Cindy tells the oil company that they are only allowed to sell the fuel for $xyz.....

Big Oil says sorry we don't have any stock for sale at that price, and we have diverted our next three deliveries to a country that pays more.

Can you keep blaming Covid and the war in Ukraine?