In today's episode of Marsden Point News Radio, we delve into a comprehensive analysis of New Zealand's oil and gas production over the past years and the implications for future independence from oil imports. We unpack complex technical data and statistics, discussing exports, the limitations of the oil produced, and the country's annual consumption rates.
From looking at more than three decades of data, it’s clear that the amount of oil New Zealand produces isn't enough to sustain the country. Despite a relatively significant production of 12.3 million barrels per year, this only makes up an estimated 2% to 5% of the country's annual oil requirements.
Looking at the issue from a broader perspective, we found that one refinery, such as Marston Point, isn't sufficient to keep the country running independently. A continuous flow of oil is significant to keep the country's services running, and the current production rates and refining capabilities don't meet the scale of demand.
Independence from oil imports, if desired, would require massive expansions in the country's current oil production and refining capabilities, likely needing another refinery in the South Island to successfully service both islands. However, even with these measures in place, the path to oil independence remains challenging without new exploratory drilling operations.
Join us in this enlightening discussion as we shatter illusions of easy oil independence and lay out the considerable challenges ahead. Our analysis highlights the importance of understanding the scale of our resources and consumption, guiding us towards realistic expectations and sustainable solutions.
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