Oil and Gas
The second major economic driver for the Taranaki region is the oil and gas sector.
Oil and gas exploration produced a series of economic spikes and troughs in the past five decades (1960s to 2006) due to the injection of large expenditure into the sector at different times of exploration and development. These spikes and troughs are also associated with the influx of a highly skilled technical workforce into the district, often on a short-term temporary basis but at other times on a longer term. This provides demand for local accommodation, the supply of skilled tradesmen, transport and allied services.
For example, the development of the Origin Energy offshore oil and gas project in South Taranaki brought in over 400 contractors, including non-resident managers, and a large outsourcing of technical specialists.
Prospecting, discovery and commercialisation create considerable employment opportunities and inject people and money into the district. This provides a positive infusion of wealth into the local economy as well as opportunities for longer-term investment in infrastructure to sustain the local economy.