NZ Passes Ban on Offshore Oil Exploration

“New Zealand’s government has passed a polarising law ending future offshore oil and gas exploration around the country,” as reported in an article for The Australian.

“Environmentalists called the decision historic, but industry and the opposition say it threatens thousands of much-needed regional jobs.”

“This law means that around four million square kilometres of the earth’s surface is now off limits to oil and gas companies, and any deposits under our deep seas will stay in the ground where they belong,” said Greenpeace campaigner Kate Simcock.

“But New Zealand’s centre-right opposition National Party has vowed to reverse the ban if it takes power back, saying the decision was rushed and ignored advice from industry and officials.”

“The law does not, however, stop existing exploration permits, some of which extend out to 2030 and could lead to another 40 years of drilling if successful.”

“There are 31 oil and gas exploration permits currently active in New Zealand, 22 of which are offshore, covering an area of about 100,000 square kilometres.”

“This bill will not end oil and gas exploration overnight, nor will it halt existing production,” Energy Minister Megan Woods said.

“Oil and gas fields around New Zealand, according to the country’s oil lobby, contribute about $NZ2.5 billion ($A2.3 billion) to the economy and generate about 11,000 jobs,” as reported in the article.

Article Source: The Australian, November 8, 2018

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