More up-to-date data on oil and gas reserves sought

The Government is working on new regulations that will require oil and gas companies to provide more information about their reserve estimates.

"The reporting regime will see us with more and better information," associate minister of energy Harry Duynhoven said.

"We are looking at a more frequent timeframe. The regulations are in the process of being drawn up," he told today's Dominion Post.

"The purpose of that is to ensure we do get better data because what we have had in the past is occasions where companies have had a long time before they've had to produce quality information."

The old system meant New Zealand did not appreciate how urgent its oil and gas reserves position had been, Mr Duynhoven said.

Some submitters to the Government's discussion document on reserves and resources disclosure were concerned they would be revealing commercially important and sensitive information which gave them a competitive advantage.

But Mr Duynhoven said the desirability of good quality reserve information was considered greater than the assertions producers made over commercial confidentiality.

The information was important for energy companies deciding if and when to build gas-fired power stations.

- NZPA