Today a range of independent regulators -- the Ministry of Business, Innovation and Employment, the Environmental Protection Authority, local authorities, Worksafe NZ, Maritime NZ and the Department of Conservation -- oversee exploration activity. Each contributes to the checks and balances that ensure petroleum activity is undertaken safely and responsibly.
Growing the industry here has real economic benefits. Last year the Government earned more than $370 million from petroleum royalties and levies. When company taxes are included, the Government earns about 42 per cent of a company's profits over the life of an oil field.
The industry also invests in local communities and creates highly skilled, well paid jobs and training opportunities. The average income in the petroleum and minerals sector is $105,000 a year, which is twice the national average.
The petroleum industry is historically embedded in Taranaki and that community has realised the benefits of the oil and gas industry. The province has the highest GDP per capita in New Zealand, the lowest unemployment and second highest employment rate in the North Island, and the fourth equal highest average household income in New Zealand.
The strength of the petroleum and dairy sectors has played a key role in achieving these outcomes.
With 17 other under-explored basins in New Zealand, there is real potential for more discoveries which, over time, could benefit other regions. The upcoming seismic work is an early step in petroleum exploration. There are no guarantees anything will be found but it is well worth looking.