The body was found with a wound in its side, alongside a damaged egg, in the historic freezing works site near Humber St.
Department of Conservation (Doc) Oamaru ranger Tom Waterhouse said it could not tell what exactly caused the penguin’s death and whether it was deliberate.
The damaged egg was found underneath timber.
Doc had retrieved the body of the penguin.
Blue penguins are protected under the Wildlife Act. If an individual is found to have killed one, they face up to two years imprisonment or a fine of up to $100,000.
There was discussion on social media about if the death was caused deliberately, but Mr Waterhouse said it was too hard to know given the cluttered nature of the area.
Oamaru Blue Penguin Colony science and environmental manager Dr Philippa Agnew said it was possible the penguin was a victim of a dog which was not on its lead.
It was vital people kept animals on leads not just near the colony, but around the wider area.
Penguins did not just live within the colony’s boundary, she said.
Doc recommends people with dogs stay at least 20m away if they think there may be penguins in the area.
Recent estimates suggest 1500 blue penguins live at the established colonies in the area.