Oil and gas could transform East Coast - report

A Government report has highlighted the potential benefits of developing an onshore oil and gas industry on the North Island's East Coast.

The East Coast Oil and Gas Development Study was released today by Economic Development Minister Steven Joyce and Energy and Resources Minister Simon Bridges.

``The study shows that if significant oil discoveries on the East Coast were found they could become a real game changer for households and businesses in that region and across New Zealand,'' Mr Joyce said.

``East Coast communities could enjoy similar benefits to a region like Taranaki, where oil and gas operations contribute $2 billion to New Zealand's annual GDP and supports more than 5000 regional jobs.''