A call for New Zealand to embrace an export opportunity that'll see financial benefits alongside a cleaner environment.

That's from the Petroleum Exploration and Production Association, after a forecast showing global demand for gas will increase 45 per cent by 2040.

CEO Cameron Madgwick says a prospect field in Oamaru has potential to generate 32 billion dollars in taxes and royalties.

But he said development for large gas fields takes seven to 10 years.

"To be up and ready to meet that demand in the coming decades we really do have to be doing the work to find and develop it now,"

Madgwick said the industry will continue to grow because natural gas has around half the emissions as coal.

He said Taranaki is the only producer right now, but other areas are showing potential.

"Prospect off the coast of Oamaru which is looking like it could be a very large gas field as well. That would generate billions of dollars in return to the crown over the life of that field."

The Minister for Conservation Euginie Sage said last month that the area in question was an important environmental habitat.