Govt's 'open for exploration' welcome

Media Release – for immediate release
29 November 2009

Straterra welcomes Government’s ‘open for exploration’ message

Straterra, the organisation representing New Zealand’s natural resources industries has welcomed the Government’s “open for business” message to international oil and gas explorers.

Speaking after the release of reports suggesting over $60 billion of oil and gas may lie off our coasts, Straterra Chief Executive Richard Michael said the estimated reserves could transform the country’s economy and boost living standards for all.

“The Government has made remarkable progress in a short time in terms of investigating our oil and gas and other rich natural resource potential and sending clear signals to the world that we welcome exploration,” said Mr Michael.

“New Zealand has moved from being a country which largely ignored the enormous possibilities of its mineral wealth, to one that is moving swiftly to establish the extent of those resources and the best ways to use them for the good of all.”

However, Mr Michael said that, despite the highly encouraging estimates regarding untapped oil and gas, New Zealand still faced the obstacles of geographic and technical challenges as it competed for exploration dollars on an international basis.

“We need to make sure that we back up the warm words to explorers with actions that ensure the legal and financial environment remains favourable on an international level,” he said.

About Straterra

Straterra, which was launched in September 2008, aims to provide a united voice for companies working in the oil, gas, aggregates, minerals, metals and coal industries. The sector has annual revenues exceeding four billion dollars and exports of around two billion dollars. Independent studies demonstrate the potential to double these revenues and provide much needed employment in the New Zealand economy.

ENDS

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