The Ministry of Economic Development yesterday afternoon said it had, on Monday, opened tenders for stocks to be held in New Zealand.

Tenders for stocks to be held offshore would be issued on October 16, with the closing date for both onshore and offshore tenders being October 27.

In June, Energy Minister David Parker said New Zealand’s current stocks were about 60 days of net oil imports, well short of the IEA’s 90-day minimum.

He said most additional stocks would need to be held overseas for the next few years, since New Zealand currently had little spare storage capacity.

The volume of additional stock – crude oil or refined products such as petrol and diesel – was estimated at 418,000 tonnes in 2006-07, 302,000t in 2008, nil in 2009 and 32,000t in 2010.

Parker said these target quantities were significantly lower than initial estimates because of production from the offshore Taranaki Pohokura and Kupe gas-condensate fields, starting this year and in 2009, respectively, and from the offshore Taranaki Tui Area and Maari oil fields, starting next year and in 2008, respectively.

New Zealand oil stocks could be held in other countries such as Australia, the United States, the Netherlands and the United Kingdom, subject to the conclusion of government-to-government agreements.

The ministry said companies interested in participating in the tender should contact the New Zealand Ministry of Economic Development (oilsecurity@med.govt.nz) or the New Zealand Government Electronic Tenders Service (www.gets.govt.nz) for details of registration and tender requirements.

New Zealand expects to achieve the IEA target by the end of this year.