Finance: Greens - Government misleading drilling benefits

By Element

Photo / Getty
Photo / Getty

The Green party says the Government is not giving a realistic picture of the real cost of oil drilling in New Zealand and is overstating the economic benefits.

Green Party energy spokesperson Gareth Hughes says New Zealand has the fourth lowest take of any oil producing country and should drilling proceed, the tax payer won't be seeing fair returns.

"Funding for core services like schools and hospitals shouldn't be dependent on oil royalties," says Hughes.

"Dangerous deep sea oil drilling should not be the basis of our economic future."

Perpetual advocates for clean green jobs here in New Zealand to propel the economy, the Greens state the majority of expanded profits from the industry will go offshore to foreign owned companies, like Petrobras, that the Government has granted exploration permits to.

Rather than "crowing about its benefits", the party says the Government needs to take into account the economic and environmental cost of expanding a carbon heavy industry.

"There is a direct cost to increases in carbon emissions," a cost they say the Minister remains silent on.

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