Abstract
The current Middle East crisis began shortly before my departure for two months' travel in Europe and the USA, and its effect on New Zealand oil prices was brought home to me on returning, when I had to pay 22% more for the petrol in my car. The effect on the New Zealand economy will no doubt be profound, as the country is only partly cushioned against increasing oil prices, and is only about 50% self-sufficient in hydrocarbons. Reserves of currently-producing fields are limited, and are estimated to last for only 11 years for liquids (crude oil and condensate), and 21 years for natural gas (Sawka, 1989). Production was expected to peak in 1990 (Bowlin, 1989). Some solace will probably be provided by the recently-discovered Waihapa and Kupe South fields in the Taranaki Basin in the North Island, the former onshore and the latter offshore. But these fields are relatively small by world standards, and a vigorous exploration policy therefore seems essential for the future prosperity of New Zealand.
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