Oil & Gas

almost six years after imposing a ban on offshore oil and gas exploration, new zealand plans to revisit these crucial energy sources and revenue streams, despite pressure from environmentalists.

minister of energy and natural resources shane jones asserts the paramount importance of natural gas for the country, which requires energy for lighting and economic boosting simultaneously.

oil and gas play a significant role in meeting new zealand's energy demands, especially during peak consumption periods, and represent a substantial source of income. the country is now moving to simplify bidding procedures for hydrocarbon exploration applications, as reported by the washington-based specialized energy platform.

the energy minister, who has served in the center-right government for eight months, highlights that new zealand's oil sector contributed over 1.1 billion euros ($1.2 billion) to the country's gdp during the 2020-2021 financial year, underscoring its crucial role in the economy.

the new zealand government announced on june 9, 2024, that it is introducing new legislation to revoke the ban on offshore oil and gas exploration, particularly offshore drilling, which has stirred controversy in recent years, as per a statement released by reuters.