Investors willing to back the discovery and development of New Zealand oil reserves could be investing in a country at the same stage as Norway in the pre-North Sea era, says a leading US money manager.

Renowned for his bullish views on New Zealand’s petroleum prospects,
William Buechler insists New Zealand is set for an oil bonanza that
will eclipse Britain’s North Sea oil boom.

“New Zealand is at the beginning of a country-changing event; the
challenge is going to be to embrace the change and get it right.
Activity and momentum are increasing but going under the radar screen.”

For more than 25 years, New Zealand has thrived on the hydrocarbons
produced by its Maui oil and gas field, prompting little in the way of
new exploration. However, as global reserves dwindled and the price of
crude soared, new exploration has began in earnest.

More offshore wells have been drilled in the last two years than the
rest of the decade combined: 35 on and offshore wells were drilled
between January 2008 and July 2009 alone.

Helping drive this activity? some $200 million of exploratory drilling
is planned this summer? has been a sea change in government attitude to
the petroleum industry’s potential, says Buechler, lead portfolio
manager of the Kiwi Pacific Fund.

“Crown Minerals has been gathering seismic data and offering it for
free and that’s allowed companies to look at data on a decreased risk
basis.”

Buechler says the scope for economic success from oil is
“unquestionable” but investors must act now to get in ahead of overseas
backers.

Only last week, Todd Energy chief executive Richard Tweedie confirmed
Maari and its adjacent Manaia field in offshore Taranaki were home to
100 million barrels of recoverable oil, making it New Zealand’s largest
crude oil field and twice the original 50 million barrels found at the
Tui fields.

The world’s biggest sovereign wealth funds are backing oil and gas exploration in the Asia Pacific.

At $598b, Norway’s global government pension fund is the world’s second
largest wealth fund. It has snowballed in size after Norway’s decision
to treat oil proceeds and royalties as investment capital and not
revenue like Britain.

“If New Zealand is truly going to benefit in the long run from the
discovery of oil, is has to make this decision,” says Buechler.

Source: The Independent

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