Oil exploration in the Bay took a giant leap forward yesterday as government, business and councils met to "put down in one place" the benefits and pitfalls of an oil and gas industry.
Economic Development Minister Steven Joyce met representatives of the eight East Coast councils in Hastings before announcing the East Coast Oil and Gas Development Study to explore the potential of oil and gas finds.
"It is an opportunity to look at the potential for the economy, potential jobs in the economy and the scope of the opportunities that may exist," he said. Business Hawke's Bay, an arm of the Hawke's Bay Chamber of Commerce, was commissioning the study with the Government. Councils were contributing $30,000 and government about $100,000 towards the study, Mr Joyce said. "We will look to have it completed and published before the end of the year, to have informed public debate around those economic opportunities.
"It is literally a case of let's have a look at it, let's have a look at the opportunities, let's scope the limitations to those opportunities and let's present the potential."
A government report released last month said an oil and gas development similar to Taranaki's could be worth $1.5 billion annually in exports and create 5500 jobs.