A new report reveals the oil and gas industry in Taranaki is valued at $1 billion more than originally thought.
The Wealth Beneath Our Feet research paper shows the industry is worth $2.5 billion to New Zealand's gross domestic product.
Oil and gas was the fourth-largest export earner in 2009.
The report was commissioned by the region's economic development agency Venture Taranaki and calls for the Government to make developing the oil and gas industry a top priority.
Venture Taranaki chief executive Stuart Trundle says the industry needs to be elevated to a similar credibility status as leading export earners such as dairy and tourism.
Oil and gas has the potential to be a major driver of the Government's target for raising exports by $100 billion in the next 15 years, he says.
