Capturing Local Benefits
We get a lot of feedback about how we can maximise local benefits of development. Communities feel they bear some costs in development and want to know what the benefits to the community would be. We have advanced this issue over the past year with four distinct actions:
¬ We improved communication about the financial benefits the industry has brought to New Zealand through the royalty regime, and highlighted the economic impact the industry has made in Taranaki. The Pepanz website energymix.co.nz, and publications such as Venture Taranaki’s The Wealth Beneath Our Feet demonstrate community benefits.
¬ We also looked at what more we could do as a company. We worked with the Southern Community Panel to craft, and ultimately adopted a new corporate policy ‘Capturing Local Economic Benefit’. This policy commits us to proactively identify business opportunities for local communities, and work with them to help meet supplier requirements.
¬ We also decided to commission a regional economic impact assessment of commercialising the Barque prospect (Clipper permit, off the Oamaru coast). The report was co-funded by New Zealand Trade and Enterprise and the Clipper joint venture partner, Beach Energy. It drew on data from Beca, PrimePort Timaru, Methanex, Coogee, Ravensdown, Fonterra and others.
¬ We continued to invest in locally supported, sustainable community projects. These are outlined in more detail here. (https://www.nzog.com/our-story/communities/)
“We found New Zealand Oil & Gas to have responded well to the issue of capturing local benefits, and the responses have been meaningful and appreciated.”
Southern Community Panel member 2017