1 00:00:00,200 --> 00:00:02,880 Speaker 1: Right from today, oil and gas being officially gone. There's 2 00:00:02,920 --> 00:00:05,560 Speaker 1: a new faster pathway that's been announced as well that 3 00:00:05,640 --> 00:00:08,239 Speaker 1: you can go and explore on. The first application was 4 00:00:08,280 --> 00:00:10,320 Speaker 1: actually put in less than two hours after the process 5 00:00:10,360 --> 00:00:12,600 Speaker 1: reopened at midnight, which is good news if you're in 6 00:00:12,640 --> 00:00:15,600 Speaker 1: the business. John Carnegie is with US Energy Resources. Are here? 7 00:00:15,840 --> 00:00:16,000 Speaker 2: Hey? 8 00:00:16,040 --> 00:00:16,279 Speaker 1: John? 9 00:00:17,040 --> 00:00:18,360 Speaker 2: Yep? Good afternoon. 10 00:00:18,400 --> 00:00:20,560 Speaker 1: Do you know who this applicant is? What do we 11 00:00:20,600 --> 00:00:22,440 Speaker 1: know about them? 12 00:00:22,800 --> 00:00:26,400 Speaker 2: No? No, that's obviously confidential. Good a minister in the ministry. 13 00:00:26,440 --> 00:00:30,920 Speaker 2: But given the time that they put the application in, 14 00:00:31,400 --> 00:00:33,559 Speaker 2: hopefully it's from someone offshore. 15 00:00:33,800 --> 00:00:37,120 Speaker 1: You'd hope. So how worried will they be about labor 16 00:00:37,120 --> 00:00:37,720 Speaker 1: and the Greens? 17 00:00:39,600 --> 00:00:48,240 Speaker 2: Oh look, ongoing policy certainty is critical to investors, and 18 00:00:48,360 --> 00:00:51,840 Speaker 2: so that will certainly be a factor that investors will 19 00:00:51,880 --> 00:00:58,600 Speaker 2: weigh up the likelihood of another policy reversal. And you 20 00:00:58,680 --> 00:00:59,760 Speaker 2: know that's just not helpful. 21 00:01:00,120 --> 00:01:03,280 Speaker 1: How long realistically, let's say this applicant is successful, they're 22 00:01:03,280 --> 00:01:05,640 Speaker 1: allowed to go and explore. Let's say they find something. 23 00:01:05,720 --> 00:01:10,560 Speaker 1: How long realistically between application searching and extracting? 24 00:01:11,840 --> 00:01:16,759 Speaker 2: Oh look, it's interesting because the lengthy timelines proposed by 25 00:01:16,800 --> 00:01:20,280 Speaker 2: groups like Greenpeace actually aren't grounded in reality, In fact, 26 00:01:20,280 --> 00:01:26,240 Speaker 2: the arithmetic nonsense because even recent history shows that the 27 00:01:26,280 --> 00:01:29,319 Speaker 2: fields can be brought to market quickly. And this is 28 00:01:29,360 --> 00:01:34,400 Speaker 2: even offshore. Offshore. Pohakura took six years from discovery to production, 29 00:01:34,959 --> 00:01:37,440 Speaker 2: while some other offshore developments were as short as free 30 00:01:37,560 --> 00:01:41,040 Speaker 2: and onshore. Of course it's even faster. The Turingi field 31 00:01:41,080 --> 00:01:44,720 Speaker 2: was producing within a year. So look where there were 32 00:01:44,800 --> 00:01:48,800 Speaker 2: longer delays in the past, that was because of Maui, 33 00:01:48,960 --> 00:01:53,440 Speaker 2: a globally significant find which was meeting almost all of 34 00:01:53,520 --> 00:01:55,840 Speaker 2: New Zealand's needs at the time. So there was absolutely 35 00:01:55,840 --> 00:01:58,760 Speaker 2: no urgency to rushing the other developments to market. And 36 00:01:59,240 --> 00:02:03,520 Speaker 2: I think the counter point liners today's situation is very 37 00:02:03,640 --> 00:02:08,920 Speaker 2: very different. We face a significant gap between supplying demands. 38 00:02:08,960 --> 00:02:12,040 Speaker 2: We've got an energy shortage and that means that any 39 00:02:12,080 --> 00:02:15,920 Speaker 2: discoveries would be developed much more quickly to meet that demand. 40 00:02:16,320 --> 00:02:19,320 Speaker 1: John, appreciate your time. John Carnegie's with US Energy Resources 41 00:02:19,320 --> 00:02:22,880 Speaker 1: out here all right. For more from Hither Duplessy Alan Drive, 42 00:02:23,040 --> 00:02:26,440 Speaker 1: listen live to news talks it'd be from four pm weekdays, 43 00:02:26,560 --> 00:02:28,760 Speaker 1: or follow the podcast on iHeartRadio.