Source: MIL-OSI Submissions
A new industry-led disclosure code for natural gas producers comes into effect today, aimed at increasing information and transparency around any gas outages.
The code was developed by the Petroleum Exploration and Production Association of New Zealand (PEPANZ) and gas producers through an independently facilitated process. It provides for a public platform with information on unplanned and planned outages at gas production facilities and storage facilities in New Zealand.
“Natural gas is an extremely important energy source for New Zealand and it’s important we have transparent information for users who rely on it,” says PEPANZ Chief Executive John Carnegie.
“The upstream industry has heard the call for greater information disclosure from gas users and the Government. All major producers will be bound by this disclosure code, which will help the wider energy sector understand the timing and impact of any outages.
“It’s very pleasing to see the industry showing leadership and responding to the needs of users.”
The Government has also recently introduced the Gas (Information Disclosure and Penalties) Amendment Bill which provides regulation-making power to require information disclosure.
“PEPANZ supports this bill as related to outage disclosure, but we are confident that the industry-led code will mean regulatory interventions won’t be needed.”
-The full name of the code is the Upstream Gas Outage Information Disclosure Code 2020
-It has been acceded to by natural gas producers Beach Energy, Greymouth, OMV and Todd Energy as well as Flexgas which owns and operates the Ahuroa Gas Storage Facility.
-The code involves an independent review in six months’ time to ensure it is fit for purpose.