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Speaker 1: Now the government is planning to introduce legislation this year

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Speaker 1: to lift the oil and gas exploration ban, but so

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Speaker 1: far it appears that there is no interest from any

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Speaker 1: of the overseas investors in coming back to New Zealand.

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Speaker 1: And why would they because Labour's Energy spokesperson Meghan Woods

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Speaker 1: is already floating the idea of rebanning the oil and

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Speaker 1: gas exploration when they get back in our members who

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Speaker 1: are a very strong case for it at twenty eight

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Speaker 1: and see the case is being even stronger now.

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Speaker 2: Oil and gas is not going to be a future.

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Speaker 2: We've got to be planning for a different future now.

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Speaker 1: John Carnegie is the CEO of Energy Resources Ulta at

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Speaker 1: Owners with us.

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Speaker 2: Now, how John, Hey, how are you doing ether Very well?

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Speaker 1: Thank you. Have you heard of any interest from overseas?

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Speaker 2: Oh no. And it's going to be a long term effort.

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Speaker 2: You know, Minister Jones talks about going out and talking

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Speaker 2: to the rest of the world saying we're open for business.

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Speaker 2: He's going to have to use the full extemes of

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Speaker 2: his charm in doing that.

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Speaker 1: We haven't had any I mean these guys were elected

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Speaker 1: in October, which means that it's and they made it

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Speaker 1: very clear that they would be bringing back oil and

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Speaker 1: gas expiration. If nine months on from them, we still

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Speaker 1: haven't had any overseas interest. Do you really think we're

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Speaker 1: going to get any or was the ship sailed?

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Speaker 2: I don't think the ship sailed at all. I think

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Speaker 2: what's happening is that investors, and this is both the

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Speaker 2: domestic the current incumbents we're producing guests to keep our

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Speaker 2: lights on now as well as potential offshore investors are

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Speaker 2: looking to wait to see what the actual changes are.

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Speaker 1: So they want to see some assurance or some sort

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Speaker 1: of some sort of thing to make them feel confident. Yeah.

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Speaker 2: Yeah, well, I mean I guess there are two questions

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Speaker 2: on that. So they are seeing material enough changes and

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Speaker 2: then I guess the other part to that is, well,

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Speaker 2: you know, what do we think will do the job

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Speaker 2: in terms of them? Are they material enough? Well, we've

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Speaker 2: only seen detail and pressfulness, so we have to be

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Speaker 2: slightly more patient. You see what comes through in the legislation.

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Speaker 1: So John John what Shane Jones. Shane Jones seems to

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Speaker 1: have landed on the solution here being if the contracts

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Speaker 1: are long enough that will give some assurance to the

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Speaker 1: overseas investors. Is that the answer long contracts?

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Speaker 2: Oh well, I mean I don't. I think he also

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Speaker 2: a month or two ago talked about bonds, but he seems.

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Speaker 1: To have said he can't do that because he would

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Speaker 1: be there will be this, this government, this parliament, tying

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Speaker 1: the hands of a future parliament which can't.

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Speaker 2: Do well well. A bond could be similar to a

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Speaker 2: long term contract. I mean, there is just a number

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Speaker 2: of mechanisms, but I think again we'd need to see

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Speaker 2: the detail. But the key thing is we think he's

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Speaker 2: on the right track. You know, these are long lived

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Speaker 2: their sets, you know they I mean take say we

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Speaker 2: had a discovery today, it could take up the keen

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Speaker 2: is before it's even producing. So that crosses how many

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Speaker 2: three four are electrical sites. That's why the sector will

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Speaker 2: need confidence. I want to see that they are going

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Speaker 2: to be kept whole, that the changes, the things, the

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Speaker 2: investments I said that they make today are still going

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Speaker 2: to be whole in ten twenty years time. And i'd

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Speaker 2: use Maui. The Marwi gasfield started producing in nineteen seventy nine,

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Speaker 2: so these are and still going and hopefully got a

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Speaker 2: while left to go. So you know, these are the

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Speaker 2: long lived assets. It's really important that we see and

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Speaker 2: we get investors back that they don't think that the

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Speaker 2: rules are going to change halfway through.

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Speaker 1: This is how unhelpful are the likes of Meghan Woods

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Speaker 1: at the moment.

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Speaker 2: Oh, Meghan has a particular particular view, and so she's

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Speaker 2: trying to change the nature of the nature of the debate.

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Speaker 2: I just think that we have to see the black

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Speaker 2: and white. Let's see the deals, Let's see the let's

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Speaker 2: see the legislation. Investors will make risks, adjusted decisions. I'll

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Speaker 2: look at the detail and they'll decide whether or not

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Speaker 2: to put money back in New Zealand or keep it

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Speaker 2: in Australia or put it somewhere else. And I guess

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Speaker 2: that's the thing that we are going to be looking

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Speaker 2: for that minister actually puts suitable arrangements in place to

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Speaker 2: give investors in long lived essets sufficient confidence.

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Speaker 1: John, you are so much more optimistic than I am.

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Speaker 1: But I'm taking some heart from it. That's John Carnegie's

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Speaker 1: the chief executive of Energy Resources.

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Speaker 2: Out here or for more from hither duplessy Alan Drive

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Speaker 2: listen live to news talks.

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