Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Petroleum & minerals sector boosts NZ economy

Hon Steven Joyce

Minister for Economic Development

Hon Simon Bridges

Minister of Energy and Resources

3 September 2013       Media Statement       

Note: strictly embargoed until 6pm, 3 September

Petroleum & minerals sector boosts NZ economy

The petroleum and minerals sector generates $333 per hour worked, making it the most productive in the New Zealand economy, a new Government report shows.

The Petroleum and Minerals Sector Report was today released in Wellington by Economic Development Minister Steven Joyce and Energy and Resources Minister Simon Bridges.

The report notes that in the last six years New Zealand has seen:

·         a dramatic lift in petroleum exploration and development, totalling $8.3 billion

·         $1.9 billion in levies and royalties being paid to the Crown – $380 million in 2012 alone.

·         investment in mineral prospecting and exploration is at an historical high ($47 million in 2012).

The sector generates $333 per hour worked (GDP for the sector divided by the number of hours paid), compared to the New Zealand average of $48 per hour worked, and workers are paid on average $105,000 per annum – more than twice the New Zealand average.

“New Zealand’s Petroleum and Minerals Sector is benefitting considerably from increased global demand. Over the past 10 years employment in the sector has more than doubled and exports have tripled,” Mr Joyce says.

Mr Bridges says: “The summer ahead will be one of the largest on record for oil and gas exploration in New Zealand with 13 exploratory wells being drilled offshore and 27 onshore. The industry is expected to spend $600 million to $755 million.”

The petroleum and minerals sector produces commodities which are fundamental to the economy – energy in the form of oil, gas and coal; steel; gold and silver; fertiliser; and rock, sand and gravel for construction and roads.

“We have seen the benefits in the Taranaki regional economy in terms of jobs, the growth of businesses in the supply chain, and huge new investment in downstream industries, such as Methanex,” Mr Bridges says.

Mr Joyce says: “If we want more and better paying jobs and more money to invest in our schools and hospitals then we need to keep making the most of our abundant energy and minerals potential through environmentally responsible development.”

The report also notes a number of influences are driving changes in the sector globally, including higher oil prices, increasing production of unconventional petroleum, and increasing concerns over the impact of climate change.

The report is the third in a series of seven that provide detailed information about different sectors of the New Zealand economy.  They are designed to support the Government’s Business Growth Agenda by improving understanding of each sector and their economic contribution.

The report is available at: http://www.mbie.govt.nz/what-we-do/business-growth-agenda/sectors-reports-series

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On National’s Ongoing Problems With Abortion


Despite Christopher Luxon’s assurances to the contrary, there is no such thing as “settled law” in New Zealand. Apart from the six provisions that are constitutionally entrenched, legislation can always be amended or overturned by a simple majority vote within our single chamber of Parliament. Luxon’s repeated use of the term “settled law” has been particularly tone deaf, given that several of the US Supreme Court justices used that very same term during their confirmation hearings...
More>>



 
 

Government: Joint Press Release With President Of The Govt Of Spain Pedro Sánchez & PM Of New Zealand
On June 28, 2022, a meeting took place in Madrid between the President of the Government of the Kingdom of Spain, Pedro Sánchez Pérez-Castejón, and the Prime Minister of New Zealand, Jacinda Ardern, who was visiting Spain... More>>


Winston Peters: Issues Judicial Review Proceedings

Winston Peters has issued judicial review proceedings against Speaker of the House the Rt Honourable Trevor Mallard, challenging Mr Mallard’s issue of a trespass warning against Mr Peters on 28 April 2022, which the Speaker then withdrew on 4 May 2022... More>>

Government: Electoral Changes Will Bring Greater Transparency For Voters

Changes to electoral law announced by Justice Minister Kiri Allan today aim to support participation in parliamentary elections, and improve public trust and confidence in New Zealand’s electoral system... More>>



Government: Wellington’s Rapid Transit Option Progresses To Next Stage
The Government is progressing a preferred option for LGWM which will see Wellington’s transport links strengthened with light rail from Wellington Station to Island Bay... More>>


NZ Republic: Charles CHOGM Speech Green Light For Change
“Prince Charles had made it clear in his speech to the Commonwealth Heads of Government Meeting (CHOGM) in Rwanda today that even the Royal family think it’s time for change” said Lewis Holden, campaign chair of New Zealand Republic... More>>


National: Goodfellow To Retire As Party President
Peter Goodfellow today announced he will not seek re-election as President of the National Party at its Annual Conference. Mr Goodfellow will remain as a director on the board for one final term to assist in the transition... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels