New Zealand Plans to Lift Ban on Offshore Oil Production
The New Zealand government will introduce legislation to lift the ban on offshore oil production. This was announced by Minister of Resources Shane Jones, reports Reuters.
The authorities intend to lift the ban to attract investment in the country’s oil and gas sector. According to Jones, the bill will be put to a parliamentary vote before the end of 2024.
New Zealand authorities banned the issuance of new permits for the search and development of oil and gas fields on the country’s shelf in 2018. The ban did not affect 22 active offshore licenses, the last of which will expire in 2030.
The ruling coalition called the decision an important step to combat climate change. Reuters notes that the ban was introduced by the center-left government, and the current center-right lawmakers want to repeal it.
Oil and gas production in New Zealand is carried out in the Taranaki Basin, an area of approximately 3005 square kilometers. km. In 2022, the country, as Reuters writes, earned about 900 million New Zealand dollars (approximately $550 million) from oil exports.
