LEGAL ENVIRONMENT FOR PETROLEUM-EXPLORATION - AN OVERVIEW

This paper is an overview of the New Zealand legal environment as it affects petroleum explorers and their operations in New Zealand. It includes a brief summary of the New Zealand legal system and identifies the business structures commonly used and recognised under New Zealand law. It continues with an outline of the significant legal requirements governing petroleum exploration, including the Crown Minerals Act (rights and obligations of permit holders), environmental and conservation laws, Overseas Investment Act and Regulations, Commerce Act, Fair Trading Act, taxation aspects of operations in New Zealand, the no-fault Accident Compensation scheme and other operational requirements. The paper concludes with comment on government participation, current government policy and the legal and administrative framework in which that policy is implemented.