The government will receive around 42% of the profit of new oil and gas developments. This is one of the reasons why oil drilling in New Zealand is being encouraged because the government recieves almost half of the royalties. Kapuni was the first oil/gas field in New Zealand. It started production in 1969. There are currently 19 producing oil and gas fields in Taranaki.
52 wells were drilled in 2011, up from 45 in 2010. First well drilled in 1865 at Moturoa on the Taranaki foreshore. Since then over 1,000 petroleum wells have been drilled in New Zealand, of which more than 350 since 2011 and 197 offshore (of the 197 offshore wells, 176 are offshore Taranaki). Oil drilling in new Zealand currently earns makes $2.2 billion a year, oil is our 4th largest export (after dairy, meat and wood), and currently supplies 3730 fulltime jobs in new zealand