Peak Oil

NZ Oil production hits five-year low

A Government report on the petroleum and minerals industry says oil production fell 13 percent in 2012, reaching a five-year low.

Radio NZ,

4 September, 2013

The report says, however, the sector is the most productive in New Zealand, doubling its employment and tripling its exports in the past decade.

It says since 2007, investment in petroleum exploration and development has increased dramatically, totalling just over $8.3 billion.

The Minister of Energy and Resources says he feels optimistic about the sector's future.

"This industry is cyclical, but frankly, so is every other industry Labour and the Greens like to talk about, whether that is manufacturing, IT, greentech, and so on. 

That's an issue, but over the long term the prognosis this report shows is good," said Simon Bridges.

Mr Bridges says exploration is necessary to keep the sector growing.

The Green Party says the report does not provide the full picture and the mining industry is not sustainable.

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