$3 Million Grant Boosts Taranaki Economy, Jobs Amid Oil and Gas Sector Decline

The New Zealand government has boosted Taranaki's economy and job market with a $3 million grant to accelerate an industry-led initiative called the Taranaki Alliance.

Regional Development Minister Shane Jones said the funding will support local companies in securing over $100m in contracts over three years, retaining or redeploying hundreds of skilled roles in the oil and gas sector.

Taranaki has a wealth of expertise in engineering, logistics, and manufacturing due to its decades-long history in the oil and gas industry. However, the decline of these industries threatens the region's economy, as seen with Methanex's decision to idle operations next year, resulting in 150 job losses.

The Taranaki Alliance was established last year by Te Puna Umanga Venture Taranaki and local firms to collaborate on large-scale national and international contracts. The initiative will provide a hub for companies to work together, identify, tender for, and secure contracts across various sectors, including infrastructure, advanced manufacturing, energy, and civil.

The Regional Infrastructure Fund grant will advance the development of a commercially sustainable operating model, covering core operating costs such as lead generation, bid coordination, and compliance assurance. Over 85 firms have expressed interest in joining the Taranaki Alliance, reflecting strong regional interest in taking a coordinated approach to large-scale procurement and supply chain opportunities.