Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Report shows importance of oil and gas to the marine economy

Report shows importance of oil and gas to the marine economy

Source: PEPANZ


Petroleum Exploration and Production Association (PEPANZ) Chief Executive Cameron Madgwick today welcomed the release of a Statistics New Zealand report showing the importance of the oil and gas sector to New Zealand’s marine economy.

The report, New Zealand’s marine economy: 2007-13, released today by Statistics New Zealand, shows offshore minerals (mainly oil and gas extraction and exploration), was the largest contributor to the marine economy, at 48 percent ($1.95 billion) in 2013.

Mr Madgwick says the report shows offshore oil and gas exploration and production is incredibly important to the New Zealand economy and contributes more to both the marine economy and New Zealand’s GDP than shipping, fisheries and aquaculture combined.

"There is strong potential for growth in the contribution that oil and gas exploration and production makes to our marine economy over the coming years," says Mr Madgwick.

"Currently oil and gas production is concentrated in Taranaki, but there is genuine international excitement about New Zealand’s petroleum potential with exploration currently occurring off the east coasts of both the North and South Islands.

"Taranaki is just one of 17 sedimentary basins that surround New Zealand and geologists agree that all of these basins have the potential to have similar deposits of oil and gas to that found in Taranaki.

"New Zealand, however, is underexplored by international standards, and we will not know exactly what resources exist, in what quantity, and where until exploration data is collected and analysed. This has been the focus of the industry over recent years."

Mr Madgwick says the oil and gas industry is absolutely committed to protecting New Zealand’s precious marine environment.

"The impact on New Zealand’s marine environment from oil and gas exploration and production is small. The industry is governed by extensive and stringent regulation and heavy oversight that ensures we operate safely and the impact on the immediate surroundings is kept to an absolute minimum.

"Emissions from oil and gas production in New Zealand are relatively small. New Zealand’s emissions profile is unique in the world, with nearly half of our greenhouse gases generated from agricultural activities.

"Expansion of oil and gas production will be an important contributor to growing New Zealand’s economy, improving living standards, and helping generate new economic activity in some of our regions," says Mr Madgwick.


Note to reporter:

The Petroleum Exploration and Production Association of New Zealand (PEPANZ) is the upstream oil and gas industry association.

Established in 1972, PEPANZ works with local and central governments to ensure New Zealand’s regulatory and commercial framework promotes investment and that the return from the country’s oil and gas resources is maximised for industry, government and the community.

PEPANZ members currently account for an estimated 95 percent of New Zealand’s petroleum production. PEPANZ also represents more than 30 associate member companies that provide a wide range of goods and services to the industry.


© Scoop Media

Business Headlines | Sci-Tech Headlines


'Visionary' Leaders: Primary Sector Council Announced

A group of visionary agribusiness leaders is set to help our primary sector capture more value from its work, Minister of Agriculture and Rural Communities Damien O’Connor says ... More>>


Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>


Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>


IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>


Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>