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18 Jul 2024 23:10:22

Government to reverse oil and gas exploration ban

Posted: 09 Jun 2024

Removing the ban on petroleum exploration beyond onshore Taranaki is part of a suite of proposed amendments to the Crown Minerals Act to deal with the energy security challenges posed by rapidly declining natural gas reserves, Resources Minister Shane Jones says.

 

“Natural gas is critical to keeping our lights on and our economy running, especially during peak electricity demand and when generation dips because of more intermittent sources like wind, solar and hydro,” Mr Jones says.

 

Rebuilding investor confidence in New Zealand’s petroleum sector will require more than removing the ban. The Coalition Government is proposing further changes, agreed by Cabinet, to re-establish New Zealand as an attractive and secure destination for international investment.

 

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