The amount, on average, that oil exports are worth to New Zealand every year. Oil exports are often in New Zealand’s top ten exports.
The amount of lost royalties and taxes the Government (and therefore taxpayers) could lose from the halt to exploration, in today’s dollars. This could potentially range up to $23.5 billion.
The New Zealand oil and natural gas industry generates up to 11,000 highly paid jobs.
New Zealand has only 10 ½ years of known natural gas reserves remaining.
The government collects around 42% of oil and natural gas profits through royalties and company taxes. This helps pay for social services like schools and hospitals.
Natural gas provides 20% of total energy used in New Zealand and 14% of our electricity supply.
Increasing electricity generation to replace natural gas would require a 35% increase in electricity generation. This would be extremely expensive and unrealistic.
Oil and natural gas together provide 60% of New Zealand’s energy.
Government officials say this policy could increase energy prices for households and reduce the security of energy supplies.
Government officials say there will be no reduction in global greenhouse gas emissions as a result of ending exploration, and it is more likely they will increase.
Shortfalls in New Zealand production will likely be replaced by imported oil and natural gas, and our manufacturing of agricultural fertilisers and petrochemicals will likely move off-shore.