New Zealand's Offshore Gas Exploration Sees Renewed Interest Amid Potential Policy Shifts
In New Zealand, interest in offshore gas exploration has surged as seven oil and gas companies vie for exploration rights. This comes ahead of a national election that could potentially reinstate a ban on new permits. The conservative government had previously overturned a 2018 ban to prevent gas shortages and support power generation during dry periods. Despite this, no new permits have been issued yet. The country's gas production, primarily from declining fields, stood at 7.6 petajoules in May, with reserves dropping by 23% in 2025. Industry group Energy Resources Aotearoa suggests that demand could increase by 100 petajoules annually if more gas were available. Companies like Chevron and Equinor had previously abandoned their permits due to the ban and lengthy environmental approval processes. Now, companies such as Sunda Energy and EnZed are seeking permits in the Taranaki Basin, while others are exploring opportunities in the Canterbury Basin. 
