New Zealand’s regulations governing offshore petroleum exploration and production aim to minimise safety and ecological risks, reduce negative effects on the environment, and ensure operators are able to meet the costs of their proposed activities and their legal obligations.

In the event of a spill, owners and operators of offshore installations are liable for the full costs of regaining control of a well; pollution damage to other parties; and the costs incurred by public agencies in preventing, mitigating, and cleaning up the spill.

The financial security regime aims to ensure operators of offshore installations are able to cover their potential liabilities in the event of unplanned events. The Government has undertaken a review of the financial security regime to improve its effectiveness and efficiency.

The Ministry of Transport and the Ministry of Business, Innovation and Employment released a discussion document on 19 December 2016, inviting feedback from interested people and organisations.

Submissions can be made via email to info@transport.govt.nz, or by post to:

Consultation on Improving the Financial Security Regime for Offshore
Oil and Gas Installations
Ministry of Transport
PO Box 3175
Wellington 6140

Submission should be recieved by 5pm, 20 February 2017.