PEPANZ Congratulates Successful Local Body Candidates
Petroleum Exploration and Production Association of New Zealand (PEPANZ) Chief Executive Cameron Madgwick today congratulated all the successful candidates elected to serve their communities following the announcement of local body election results over the weekend.
鈥淚t is a great honour to be elected to serve on behalf of your community, and I look forward to meeting and working with many Mayors and Councillors over the coming months to discuss New Zealand鈥檚 oil and gas industry,鈥� says Mr Madgwick.
鈥淭here is genuine international excitement about New Zealand鈥檚 oil and gas potential. We have 17 sedimentary basins, but we are currently only producing from one 鈥� Taranaki.
鈥淕eologists agree that there is strong potential for oil and gas deposits in New Zealand鈥檚 other 16 basins. New Zealand is underexplored by international standards, but exploration activities are occurring in a number of basins around the country.
鈥淟ocal government has a critically important role to play in the oil and gas sector, ensuring that activities are undertaken in a safe and effective manner, and this requires the industry and local government to have a strong working relationship.
鈥淲hile we understand that there are a wide range of views regarding oil and gas exploration and production in New Zealand, PEPANZ enjoys strong relationships with local and regional councils across the country and we look forward to that continuing.鈥�
Mr Madgwick says that the oil and gas industry has the potential to transform our regional economies.
鈥淎nalysis has shown that a find in a single one of our 17 basins could have a profound economic benefit. A near off-shore field could mean $3 billion of investment, creating 270 jobs in the development phase. A major offshore gas field could mean a massive $19.3 billion of investment.
鈥淥il and gas workers also tend to be highly skilled and earn twice the national average salary, this is money that is spent in the local community, benefiting local businesses, and hoping local economies grow.
鈥淔or example, oil and gas activity makes up 40 percent of Taranaki鈥檚 regional GDP, provides over two percent of regional employment and is one of the key reasons Taranaki has the highest GDP per capita in the country.
鈥淚 am looking forward to meeting and discussing the role the industry can play in a number of our regions over the coming months and answer questions councillors might have regarding oil and gas exploration and production in their regions.鈥�
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