Potential $1b hydrogen investment shows rethink needed on natural gas
A major potential investment into hydrogen technology in Taranaki shows the need for a re-think on oil and gas exploration, says the Petroleum Exploration and Production Association of New Zealand (PEPANZ).
“A project like this uses natural gas to create zero-emissions electricity, hydrogen, and fertiliser. It could be a win-win outcome, investing billions and creating new jobs while helping the Government achieve its lower emission goals,” says PEPANZ CEO Cameron Madgwick.
“This is a great example of the role of natural gas in a lower carbon world. Without new exploration permits we could miss out on these types of opportunities, and the enormous economic and environmental benefits they could deliver.
"Given this new development, it would make sense to rethink the exploration decision.
“A pragmatic way forward would be for the Government to ask the Interim Climate Change Committee to consider the role of natural gas as part of its work on New Zealand’s energy system.”
*Background on the proposed project: http://www.stuff.co.nz/taranaki-daily-news/business/108851097/1-billion-plans-for-Taranaki-clean-energy-plant-announced
*PEPANZ’s report on how oil and gas can power the transition to a lower carbon world: https://www.pepanz.com/dmsdocument/92