Associate Energy Minister Harry Duynhoven says the draft program includes the royalty changes and possible taxation measures announced last week to incentivise gas exploration from now until 2009.

The Crown Minerals Act 1991 requires minerals programs to be reviewed within 10 years and the current petroleum program was issued on January 1, 1995.

“The draft program promotes the responsible discovery and development of New Zealand’s petroleum resources . . . and builds upon the knowledge and experience gained in the ten years since the current program was issued.

“It will provide increased certainty and transparency in administering the Crown Minerals Act which will strengthen the confidence of exploration companies in investing in New Zealand,” said Duynhoven.