Vancouver-based New Zealand Energy Corporation envisages the number it employs to double in the next six to 12 months following announcements that its Eltham permit oil reserves are more than double the original assessments.
"We are really excited by what we see in the recent developments in and around the Stratford area. The reason we are excited is that we are seeing a deepening of the oil and gas sector," says New Zealand country manager Chris Bush.
In Taranaki they currently employ 30 people with their operations and permits primarily between Stratford and Hawera.
"We are going to grow fairly quickly over next six to 12 months," he says, adding that for every person directly employed, another 2.7 jobs are created in a range of vocations servicing the oil and gas industry, such as transport, catering and lawyers.
He says the company has an established relationship with Ngati Ruanui, but that they are currently going through the budgeting process to determine their community investment plan for 2013.