New Zealand may again issue new oil and gas permits following yesterday’s action by parliament.
The extent to which this will result in new exploration remains to be seen. Increased natural gas production is the primary objective.
USGS (2020) undiscovered resource estimates are encouraging. The fully risked total for natural gas is 17 Tcf (mean), with a range of 7.9 to 31.1 Tcf. See the table pasted below.
Policy shift at a glance:
April 2018: New Zealand is halting all new offshore oil and gas exploration to become a global leader in the fight against climate change, the centre-left government said Thursday, but opponents accused it of “economic vandalism”.
June 2024: The country’s coalition government is preparing to invite energy companies to resume exploration in the three major offshore fields that supply most of its gas. It comes after National Grid operator Transpower was last month forced to warn families to limit their electricity usage to avoid a shutdown during a cold snap.
July 31, 2025: Parliament reverses the law banning new offshore oil and gas exploration permits.
Bud's Offshore Energy (BOE) 