Kupe gas project officially opened

Relevant offers

Industries

AMP NZ annual profit boosted by merger Govt says asset sales will cut debt Riccarton mall Westfield's top Kiwi performer Michael Hill's interim profit up 11.5 per cent Govt may sell smaller slice of SOEs SkyCity seeks quick progress on hotel Residents hail Exide closure Bathurst sticks to mine start goal Shareholders Association favours option plan Importers, exporters brace for more strikes

The $1.3 billion Kupe Gas Project in Taranaki was officially opened today by Prime Minister John Key.

The gas produced from the field will meet about 15 per cent of New Zealand's annual gas demand, and 50 per cent of LPG demand, for the next 15 to 20 years.

Energy Minister Gerry Brownlee said Kupe was going to play an important part in New Zealand's energy infrastructure.

"The Taranaki oil and gas industry accounts for almost 90 per cent of the sector's nationwide workforce," he said.

"As New Zealand's frontier basins are explored, and our petroleum potential is reached, I look forward to seeing the same regional development in other parts of New Zealand."

Mr Brownlee said it was estimated that about 375 New Zealand companies supplied or provided services to the Kupe project, and the value of orders placed in New Zealand was $620 million.

- NZPA