First offshore petroleum permit granted after ban repeal
The New Zealand government has granted its first offshore petroleum exploration permit since repealing a previous ban. The permit was awarded to EnZed Energy for exploration in the Taranaki Basin to address declining domestic gas reserves.
Why it matters
Highlights the tension between energy security needs and environmental policy shifts in New Zealand.
New Zealand has awarded the first petroleum exploration permit since the coalition Government reversed the ban on offshore exploration last year.
Resources Minister Shane Jones said New Zealand Petroleum and Minerals – the government regulator responsible for the Crown’s minerals estate – had awarded Adelaide-headquartered EnZed Energy a 12-year petroleum exploration permit covering about 546sq km in the offshore Taranaki Basin.
“This permit marks a major milestone for New Zealand’s energy sector and shows that without doubt, we are open for business,” Jones said in a statement.
“As the first new offshore petroleum exploration permit granted since the ban was reversed, it is a clear signal that confidence is returning and investors are once again prepared to back New Zealand’s resource potential.”
The permit area covers the Kaheru prospect.
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