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SUPPLY
All of New Zealand’s oil and gas production comes from
the Taranaki Basin on the west side of North Island, both on and
offshore, with the offshore declining Maui field having provided the
bulk of New Zealand's hydrocarbons.
Output of both oil and gas have begun to increase again, with oil output
showing exceptional increases, as new reserves have been developed at
the Maari and Kupe oil fields and at the offshore and onshore Pohokura
gas field in the Taranaki basin.
Oil production is likely to fall quite sharply again after 2010 whilst,
for gas, after a short plateau period, continued depletion at the Maui
field, will not be fully replaced. Gas production will begin to decline
again from 2013.
DEMAND
 New
Zealand’s oil consumption increased slowly up to 2005, as the economy
expanded with a growing population, but consumption will remain flat for
the next few years before decling in 2016. After a brief period of
reduced imports they are set to steadily rise again by 2011.
Indigenous gas has driven New Zealand's energy policy since the Maui
field came onstream in 1979. Along with a pipeline network that serves
industrial and residential consumers, three gas processing plants have
been built in North Island.
However, potential shortfalls in gas supply are now forcing the country
to examine new energy sources including the import of LNG although, with
Pohokura, this will not be required until at least 2014.
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