Shane Jones: Resources Minister on the first two projects funded by the Gas Security Fund

The Resources Minister says the Government loan book is necessary to entice business back to the gas industry.  It's investing $23.5 million in two Taranaki projects from its $200 million Gas Security Fund, including drilling a new well and accessing deeper gas at an existing field.  Both with be run by Todd Energy, and there are 17 other proposals sitting on the Government's desk.  Shane Jones told Mike Hosking there needs to be incentives.  He says people are unwilling to invest on their own and a take a risk if there's a prospect the sector will be closed down again.  The Government's touting thousands of homes could be powered if the gas investment is successful.  Todd Energy's projects could produce an additional four petajoules a year – equivalent to the energy consumed by 120-thousand homes.   Jones told Hosking it could unlock up to 19.9 petajoules of additional gas reserves.  LISTEN ABOVE   See omnystudio.com/listener for privacy information.