New Zealand may be entering a new era of oil wealth according to our Energy and Resources Minister Gerry Brownlee.
He anounced yesterday that by 2025 our oil and gas reserves could earn us a mammoth $30 billion New Zeland dollars a year.
He says the tax reciepts from the $30 billion would be enough to wipe out our current cash deficit.
While this may be big news in little old New Zealand we will hardly be joining the big boys when it comes to petrolium.
To put the news into perspective Saudi Arabia has a whopping 267 billion barrels of proven oil reserves compared to our estimated 6.5 billion (which equals roughly 2.4 percent of their reserves)
See more on stuff here
Advertisement
