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.

“It 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’s oil and gas industry,” says Mr Madgwick.

“There is genuine international excitement about New Zealand’s oil and gas potential. We have 17 sedimentary basins, but we are currently only producing from one – Taranaki.

“Geologists agree that there is strong potential for oil and gas deposits in New Zealand’s other 16 basins. New Zealand is underexplored by international standards, but exploration activities are occurring in a number of basins around the country.

“Local 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.

“While 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.”

Mr Madgwick says that the oil and gas industry has the potential to transform our regional economies.

“Analysis 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.

“Oil 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.

“For example, oil and gas activity makes up 40 percent of Taranaki’s 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.

“I 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.”