A geographically small country, New Zealand’s vast economic footprint spans its territorial waters and extended continental shelf. New Zealand has the world’s fourth largest Exclusive Economic Zone (EEZ), equivalent to around three-quarters of Australia’s land mass.
New Zealander's employed.
more in GDP
A 'near' offshore oil field in the South Island of 120 million barrels (2.5 times the size of the offshore Taranaki Tui field), could result in a total estimated expenditure of $3.2 billion, of which New Zealand companies capture an estimated $1.6 billion. The highest period of activity would occur during the development phase and see 270 Full Time Equivalent employees for two years.
A 'far' offshore oil field of 125 million barrels would result in expenditure of $6.5 billion, and greater regional benefit of $2.8 billion, with the balance anticipated to go to specialist offshore suppliers.
A large 'far' offshore gas field - 12 trillion cubic feet (three times the Maui field) would see expenditure of $19.3 billion. A field of this size could result in an export scale natural gas discovery whereby a floating LNG vessel is considered realistic. Under this model, gas is exported directly from the vessel and does not come to shore, $8.1 billion could be spend over the project timeline within New Zealand.
Other recent studies include a 2017 report which estimated the Barque prospect off the coast of North Otago could generate $50 billion in taxes and royalties over its lifetime, and a 2019 study which estimates the Toutouwai-1 well off the Taranaki coast could generate up to $1.6 billion.