New Plymouth MP Jonathan Young is attending the Australian Petroleum Explorers and Producers annual conference this week, being held in Brisbane, Australia.
"This conference is one of the largest in the world with over 3000 delegates in attendance. A strong contingent from TARANAKI attend the conference year by year, as well as representation from the NZ Government", said Young.
"I will be speaking at a function on Monday evening hosted by the NZ government, where we get to engage with some of the worlds top exploration companies", said Young.
"We want to promote New Zealand as not only a great place to do business, but where we have exceptionally high environmental standards, making exploring in New Zealand a place where the best can succeed who are committed to positively engaging with local communities as well.
"TARANAKI has been hit hard twice, with both the low dairy prices as well as low international prices for oil, so it is important to be at this conference where global analysis and trends are discussed. We can gain a sense of what is coming. Oil prices dropped to around $30 a barrel but have rebounded back 80% to just under $50 a barrel, which is encouraging for TARANAKI companies associated with the industry. We've had a lot of job losses in this sector, but A lot of international commentators say the oil price will reach $60 by the end of the year at which stage exploration in the TARANAKI basin is more viable.
We should gain a good sense of the mood of the industry once the conference has completed. This year Stuart Trundle from Venture TARANAKI is addressing the conference at one of the break out sessions.