The Government's long term strategy for the minerals and petroleum sector has been released.

Responsibly Delivering Value - A minerals and petroleum strategy for Aotearoa New Zealand 2019-2029 will inform the review of the Crown Minerals Act 1991.

It has been developed as been to provide the direction for the sector in the transition to a low carbon and productive, sustainable and inclusive economy.

A draft of the strategy attracted 546 submissions from a range of Treaty partners, environmental groups, the oil and gas sector, the minerals and quarry sector, research institutes and the general public.

The strategy will be formally reviewed every five years to ensure that it remains relevant. It includes 16 principles for the various participants:

Principles to guide everyone:

1. The environment, ecosystems, and biodiversity are respected now and in the long term.

2. Māori cultural interests are understood and respected.

3. Support the transition to a carbon neutral economy by 2050.

4. The impact on people, communities and regions are managed in a just and inclusive way.

5. Support a circular economy by meeting resource needs through resource efficiency, recycling and reuse.

6. Actions taken within the minerals and petroleum sector should align with the strategic direction of other related sectors and Government strategies.

Principles for the Crown:

7.  The Crown honours its duty towards Māori as a Treaty partner, adheres to the Principles of the Treaty of Waitangi and its duty to meet settlement commitments.

8. The Crown receives a fair financial return for its minerals and petroleum.

9. The Crown regulates in a way that is fair, transparent, reasonable and proportionate.

10. The Crown honours the rights of current permit holders to continue production or exploration activities under existing permits.

11. The Crown makes policy decisions based on the best evidence, and accounting for the foreseeable need for minerals and petroleum, both now and for future generations.

12. The Crown proactively engages and consults with relevant stakeholders and decisions are communicated in a clear and transparent way.

Principles for industry (in addition to principles 1-6 and voluntary principles adopted by industry):

13. Pursue continuous improvements in health and safety.

14. Strive to implement industry best practice in operations.

15. Seek innovative ways to improve the resource efficiency of extraction operations; and minimise the negative impacts of these operations.

16. Engage with stakeholders and implement management systems to understand and manage impacts, and realise opportunities for redress where needed.