New Zealand Awards First Offshore Oil License Since Ending Drilling Ban
New Zealand's government has awarded its first offshore oil and gas exploration license since lifting a drilling ban imposed by the previous administration. The license was granted to Australian firm EnZed Energy for a 12-year period in the Taranaki Basin, a region with 400 existing wells across 20 fields but considered underexploited. The current government, prioritizing energy security over the previous focus on transitioning to low-carbon sources, reversed the ban last year and invited bids. New Zealand's gas production has halved since 2017, dropping to 215 million cubic meters per month, increasing reliance on imports. The government also plans to build an LNG import terminal, potentially operational by 2025 or 2028, to address electricity sector vulnerabilities during dry years when hydro lakes run low.
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