One of the most remote countries in the world, the island nation of New Zealand is renowned for its World Cup-winning All Blacks rugby team, Māori warrior tradition and, of course, beautiful landscape that had a starring role in “The Lord of the Rings” series of movies.
It is less well known for its oil industry. But that could be about to change.
This summer saw New Zealand’s Ministry of Business, Innovation and Employment release an ‘Occasional Paper’ that discussed the scale of benefits to the country if it developed another petroleum basin to add to Taranaki – the only producing petroleum basin in New Zealand.
Combining analysis from the New Zealand Institute of Economic Research and Kiwi economics group BERL, the paper detailed a range of benefits that New Zealand would garner from the development of another basin similar to Taranaki – which has proven oil reserves of 528 million barrels along with 6.9 trillion cubic feet of gas.
According to the paper, a similar basin to Taranaki would mean another $1.5 billion of exports for New Zealand along with royalty payments to the government of $320 million per annum and a further 5,500 jobs created in the country.
Read the full article at Rigzone.