Energy Minister tagged posts

NZ Government Turns to Oil for Deficit Solution

November 19, 2009 International FinanceNew Zealand FinanceNew Zealand Taxation

In a speech made by Gerry Brownlee, New Zealand Energy Minister, on November 18th, it has been made clear that the New Zealand Government is actively setting its sights on the petroleum and gas industry to help fix its budget deficits.

Gerry Brownlee made comment about oil being New Zealand’s third largest export in 2008, netting NZ$2.8 billion. He also said that the industry is experiencing heavy expansion with exploration projects being carried out in numerous possible fields across New Zealand. If conservative estimates of the oil potential of the explored fields are recognized, the petroleum export sector could see an extra NZ$30 billion per annum by 2025...

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