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Taranaki oil and gas activity a base for expansion

Media Release Embargoed: 1pm (8 December, 2010)

Taranaki oil and gas activity a base for expansion

A new report prepared for Venture Taranaki has identified that at a minimum, the oil and gas exploration and production industry in New Zealand now employs 3730 full time staff and contributes $2.5 billion annually to the economy says the Petroleum Exploration and Production Association of New Zealand (PEPANZ).

Executive Officer John Pfahlert said today that the study, prepared for Venture Taranaki by BERL economic consultants identified for the first time the significant economic contribution of downstream companies to the sector, which would not exist (or have much reduced turnover) in the absence of an oil and gas industry.

The report also identifies that support companies to the sector need to be competing for work offshore if they are to sustain themselves. This is because the work generated locally is often quite variable. The report identifies that companies with experience in oil and gas could diversify into other areas, such as geothermal energy, to smooth out the peaks and troughs associated with exploration and production activity.

“While further exploration and production activity will be beneficial in sustaining employment, greater co-operation among local companies is also essential if they are to capture a greater percentage of the contracts offered as oil and gas development work is tendered.

Mr Pfahlert said the study represented an extremely useful overview of the economic possibilities for the region and the country to focus on in order to make the most of the industry servicing base that is now in place.

“In particular, the call for a taskforce of industry and government charged with fostering a more collaborative culture across the industry and to expand action planning that embraces the entire supply chain” was an idea worthy of exploring, said Mr Pfahlert.

ENDS

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