Report shows importance of oil and gas to the marine economy
Source: PEPANZ
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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.
Ends
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.
ENDS