Oil and gas key driver for regional economic growth

“The expansion of the oil and gas industry in Taranaki has seen the local economy grow by 46.9 per cent over 4 years, making it the largest growing economy in New Zealand,” Petroleum Exploration and Production Association CEO, David Robinson said today.

“Strong regional economies mean more jobs, better wages, career opportunities and local investment. It is important that we create the success we see in Taranaki across other regions in New Zealand.

“The oil and gas industry has operated in Taranaki for over 100 years – and we know that as a region they are reaping the rewards.

“We would hope that the strong growth figures in Taranaki underpinned by the expansion of oil and gas production show other regions the real economic benefits of having oil and gas contribute to local economies.

“It is not just Taranaki that benefits – it’s the country as a whole. We already employ 7,500 kiwis nationwide and have contributed over $4 billion to date to our national economy. This helps to pay for schools, hospitals and social services across the country.

“Taranaki is a picturesque region, and a standing example of a region that has both a thriving oil and gas industry and a pristine environment.

“As a country we have a lot of economic potential to unlock – and some of that potential is in growing the oil and gas industry. I would hope that other regions looking to grow their oil and gas potential will see how well Taranaki is doing and look to do the same,” David Robinson said.