Peseta Sam Lotu-Iiga: How does the taxpayer benefit from our increasing domestic production of oil?
Hon GERRY BROWNLEE: The Crown received approximately $965 million, including taxes paid, from petroleum production in the last financial year. Of that, $543 million was in royalty payments alone. New Zealand produces in excess of 21 million barrels of oil a day. Closing the balance between oil imports and exports is a real benefit to the New Zealand economy and, consequently, the taxpayer.
21 million barrels a day! Who would believe it? Little ol’ New Zealand produces a quarter of the world’s oil – more than Saudi Arabia and Russia combined!
And all because of our wonderful Minister of Energy and Resources, Gerry Brownlee. Gee, he’s clever!