Gas field could earn $32b in royaltiesSUPPLIED NZOG has revealed an exciting natural gas find off the east coast of the South Island. The potential for a new massive gas field off the South Island's east coast could create 5700 jobs and bring in $32 billion in royalties, the firm behind the field says. New Zealand Oil & Gas said earlier this year the Barque prospect, 60 kilometres off the Oamaru coast, held potentially more gas than previously thought. READ MORE: Monaco oil and gas company competes for NZOG's handThe company acknowledged it had a one in five chance of success if drilling proceeded. But if successful, the field could virtually double New Zealand's oil and gas production, chief executive Andrew Jefferies said.

Source: Stuff October 30, 2017 04:12 UTC