31 Aug 2012

Discussion paper on petroleum exploration released

10:00 am on 31 August 2012

The Government has released a discussion paper on the potential of petroleum exploration in New Zealand and the benefits the activity would bring.

The paper released by the Ministry of Business, Innovation and Employment looks at export growth, GDP growth, Government revenue and regional development opportunities of another petroleum basin being developed.

The paper draws analysis from two technical reports from BERL and NZIER.

The document has found exports could grow by $1.5 billion per annum, royalty payments could increase by $320 million and a 5500 jobs could be created.