Brazil's state oil company Petrobras has been awarded a five-year permit for much of the Raukumara Basin. The exploration permit covers 12,333 sq km where seismic data and modelling work showed the basin had geology capable of trapping hydrocarbons in commercial quantities.Water depths range from coastal to 3000m at its northern reaches. British Petroleum's ruined well in the Gulf of Mexico is in 1500m deep waters. Greenpeace verhemently protests the oil exploration in New Zealand waters. The fears are that New Zealand may not be capable of handling any disasters that may possible happen like in the Gulf of Mexico. It was also stated that there was no guarantees provided by Petrobras that it would be totally responsible should a mishap were to happen. Is New Zealand able to handle such a catostrophic disaster?
Secondly, does New Zealand really needs to expand its oil production revenue? New Zealand has always been seen by the world as a beautiful serene country. Someone once told me that "God must certainly have created New Zealand and Switzerland last". It is so picturesque. Don't we really have any other options to increase Gross Domestic Product? Are we just competing with Australia to increase our mineral output ? Australia's geography is totally different to New Zealand...why do we need to compete with Australia anyway?
We have started selling New Zealand assets to foreigners..if John Key is still around in 15 years time, would he sell New Zealand's oil reserves to foreigners?
I think the leaders of New Zealand are just out of ideas on how to increase its Gross Domestic Product ?
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