New Zealand - An Attractive Place to Do Business
Barrie J. Fowke
The New Zealand Government and business community are united in their determination to have New Zealand in the forefront of the world's most attractive places to do business. Its success in doing so is evidenced by the buoyant economy that has been developed over the past few years. It has a highly deregulated and open business environment which ranks it amongst the most competitive in the world. New Zealand has a Westminster style democracy. It does not have a federal system nor a two-tier level of Government but a single Parliament. There is ready access to Government officials and to Ministers.
Oil and gas belongs to the State until it is recovered from the ground at which time ownership changes in return for the payment of royalties. New Zealand Crown Minerals is the single agency which manages the State's ownership of oil and gas and the collection of royalties. All matters associated with the application and award of prospecting and exploration permits should be addressed to this agency.
It administers New Zealand's new fiscal regime which has been accepted by international commentators and companies as amongst the most attractive in the world as are the options available to companies seeking permits. These options include both a competitive bidding system and a non competitive out-of-round application system. Virtually all of New Zealand and its territorial waters are now available for exploration. An excellent database exists which is readily accessible.
AAPG Search and Discover Article #91019©1996 AAPG Convention and Exhibition 19-22 May 1996, San Diego, California