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New Zealand to introduce bill to reverse oil and gas exploration ban

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: New Zealand's government plans to introduce legislation to reverse the 2018 ban on offshore petroleum exploration to attract more investment in the oil and gas sector
• The bill aims to reform the process for tendering and allocating exploration applications and enhance regulatory efficiency

🔭 The context: The ban on offshore petroleum exploration, imposed by the previous Labour-led government, excluded the onshore Taranaki region 
• The new bill reflects the current right-of-centre government's policy to boost the country's energy sector and address concerns about the current regulatory framework being overly burdensome

🌍 Why it matters for the planet: Reversing the ban may increase fossil fuel exploration, which contradicts global efforts to reduce carbon emissions and transition to renewable energy sources
• Environmental groups like Greenpeace and the New Zealand Green Party oppose lifting the ban,  highlighting the potential negative impact on climate change

⏭️ What's next: The bill will be introduced to parliament before the end of 2024
• The legislative process will involve debates and potential opposition from environmental groups and political parties that support maintaining the ban

💬 One quote: “Our current settings are a barrier to attracting investment in exploration and production because they are overly costly and onerous on industry,” said Resources Minister Shane Jones

📈 One stat: New Zealand exported around NZ$900 million of oil in 2022, with crown revenue from petroleum totaling NZ$214 million in 2022/23 

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