New Zealand Set to Scrap Oil, Gas Exploration Ban in Second Half
Government says reversing the ban will bolster energy security
Green Party labels the move a backward step for climate aims
New Zealand’s government is pressing ahead with plans to lift a ban on offshore petroleum exploration, citing energy security challenges from “rapidly” declining natural gas reserves.
Gas is “critical” for the economy during periods of peak electricity demand and when generation dips from more intermittent sources such as wind, solar and hydropower, Resources Minister Shane Jones said in a statement on Sunday.
Prime Minister Christopher Luxon’s administration had pledged to resume offshore oil and gas prospecting following last October’s election. Officials are also trying to speed up the construction of renewable plants.
New Zealand stopped offshore oil and gas exploration permits in 2018 under then-leader Jacinda Ardern but continued to allow onshore projects.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
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