Drill baby drill

Gerry Brownlee has announced an action plan for unlocking and maximising New Zealand’s petroleum potential, primarily offshore.

“New Zealand’s largely unexplored petroleum resource could be one of the country’s most significant economic opportunities. A successful and flourishing petroleum industry will be a significant and essential contributor to lifting New Zealand’s economic performance going forward and to improving the quality of life for all New Zealanders,” he said.

Currently the petroleum sector accounts for around $3 billion per annum of New Zealand’s export revenue. Should the estimated resources in our unexplored basins be developed, this could increase to $30 billion per annum in export revenue by 2025. Crown receipts alone could increase to more than $10 billion per annum over the next 40 years.

That would help take care of the deficit!

As I have said before, if we want to be able to fund the same level of healthcare, of universities, of schools as Australia, we need to be increasing our national wealth. All power to Gerry.

Comments (47)

Login to comment or vote