skip to main content
OSTI.GOV title logo U.S. Department of Energy
Office of Scientific and Technical Information

Title: New Zealand: World Oil Report 1991

Abstract

This paper reports that foreign oil firms may choose to leave for countries with friendlier tax climates, perhaps Southeast Asia or Papua New Guinea. New tax reform legislation became effective in October 1990 enraging the Petroleum Exploration Association of New Zealand (PEANZ) and disappointing petroleum explorers. Oil companies like Arco are already considering pulling out of future prospecting. Taxation Reform Bill 7 allows tax deductions only after prospects in a license are exhausted without success or allows costs to be written off over 10 years when a well comes on production. Exploration cost has to be capitalized, and farm-outs are taxed under the new regime.

Publication Date:
OSTI Identifier:
5675403
Resource Type:
Journal Article
Journal Name:
World Oil; (United States)
Additional Journal Information:
Journal Volume: 212:8; Journal ID: ISSN 0043-8790
Country of Publication:
United States
Language:
English
Subject:
02 PETROLEUM; 29 ENERGY PLANNING, POLICY AND ECONOMY; EXPLORATORY WELLS; COST; NEW ZEALAND; GOVERNMENT POLICIES; OIL FIELDS; EXPLORATION; PETROLEUM INDUSTRY; ECONOMIC DEVELOPMENT; LEGISLATION; PETROLEUM; PLANNING; PROSPECTING; RESOURCE DEVELOPMENT; RESOURCE POTENTIAL; REVIEWS; TAX LAWS; AUSTRALASIA; DEVELOPED COUNTRIES; DOCUMENT TYPES; ENERGY SOURCES; FOSSIL FUELS; FUELS; GEOLOGIC DEPOSITS; INDUSTRY; LAWS; MINERAL RESOURCES; PETROLEUM DEPOSITS; RESOURCES; WELLS; 021000* - Petroleum- Legislation & Regulations; 020700 - Petroleum- Economics, Industrial, & Business Aspects; 294002 - Energy Planning & Policy- Petroleum

Citation Formats

. New Zealand: World Oil Report 1991. United States: N. p., 1991. Web.
. New Zealand: World Oil Report 1991. United States.
. 1991. "New Zealand: World Oil Report 1991". United States.
@article{osti_5675403,
title = {New Zealand: World Oil Report 1991},
author = {},
abstractNote = {This paper reports that foreign oil firms may choose to leave for countries with friendlier tax climates, perhaps Southeast Asia or Papua New Guinea. New tax reform legislation became effective in October 1990 enraging the Petroleum Exploration Association of New Zealand (PEANZ) and disappointing petroleum explorers. Oil companies like Arco are already considering pulling out of future prospecting. Taxation Reform Bill 7 allows tax deductions only after prospects in a license are exhausted without success or allows costs to be written off over 10 years when a well comes on production. Exploration cost has to be capitalized, and farm-outs are taxed under the new regime.},
doi = {},
url = {https://www.osti.gov/biblio/5675403}, journal = {World Oil; (United States)},
issn = {0043-8790},
number = ,
volume = 212:8,
place = {United States},
year = {Thu Aug 01 00:00:00 EDT 1991},
month = {Thu Aug 01 00:00:00 EDT 1991}
}