The Government last week announced a plan for unlocking and maximising New Zealand's petroleum potential, with particular attention being paid to the exploration of New Zealand's offshore deepwater basins.

New Zealand's petroleum resources are largely unexplored. Recently work started on a seismic survey of New Zealand's frontier basins to improve our knowledge of petroleum resources. If a successful and flourishing petroleum industry can be developed it will be a huge step forward in lifting New Zealand's economic performance and thereby improving the quality of life of all New Zealanders. The Government is being proactive in developing a plan to ensure that New Zealand is a highly attractive global destination for petroleum exploration and investment in production.

New Zealand's petroleum resource could be one of the country's most significant economic opportunities. There could be a $30 billion a year industry waiting to be developed.

More information is available at: www.med.govt.nz/petroleum-strategy

Feedback and comment can be made at: petroleum-strategy@med.govt.nz until 29 January 2010.