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Associate Energy Minister Harry Duynhoven said matters raised in submissions earlier this year meant some changes were now incorporated in the revised draft, which included a revised definition of ‘discovery’, making clear the tax-royalty incentives package would only apply to new gas discoveries.
“This package is designed to hasten exploration for material new fields to meet future energy needs. We are incentivising companies to drill more wells than they might otherwise have normally committed to.”
The revised Draft Replacement Minerals Programme for Petroleum will be issued as the “Minerals Programme for Petroleum 2005”.
