Only The Good Oil News

Radio New Zealand has broadcast a news item which typifies the pathological optimism of our media when reporting New Zealand's oil supply.

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New Zealand’s Tui Oil Field. - Peak Oil With Bells On

One of the least understood elements of peak oil is the rapid decline rate of production from the peak for any given oil field. For an example of just how severe and steep the decline rate can be, look no further than the recent announcement that the Tui oil field in the Taranaki Basin has had its remaining oil reserves slashed by 1/5, and that production will fall off a cliff. For a New Zealand oilfield, this is peak oil in action with bells on.

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NZ oil and gas in steep decline - Taranaki Report

Venture Taranaki have produced an immaculately presented report entitled "The Wealth Beneath Our Feet". The report is essentially a glossy public relations exercise of trying to talk up the contribution of the oil and gas industry to the local and New Zealand economy.

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