The Coalition government in New Zealand is proposing to lift the ban on new petroleum exploration beyond onshore Taranaki, North Island, which the previous administration imposed in 2018.
This is one of numerous planned amendments to the Crown Minerals Act to address New Zealand’s energy security issues and restore investor confidence in the country’s petroleum sector.
Reportedly, the government wants to encourage E&P companies to resume exploration in the main offshore fields that supply most of the country’s gas.
Resources Minister Shane Jones said, “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.”
The changes are designed to reestablish New Zealand as an attractive and secure destination for international investment, he added.
