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Home / World / New Zealand Stops Future Oil and Gas Offshore Exploration Permits | Rigzone

New Zealand Stops Future Oil and Gas Offshore Exploration Permits | Rigzone




  New Zealand stops future oil and gas offshore exploration permits

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WELLINGTON, April 12 (Reuters) – New Zealand will not issue new permits for offshore oil and gas exploration, Prime Minister Jacinda Ahern said Thursday, surprising the industry with a decision that will drive overseas investment.

The center-left Labor government said the move would not affect the country's 22 existing exploration permits and any company oil and gas finds. These licenses could still be held lead to mining permits of up to 40 years.

Ardern, who had been heavily involved in preventing climate change in the run-up to the tough election, said the decision was a responsible step for enterprise and community security

"We were worldwide Leading in critical questions to humanity, being nuclear-free … and now we could be world leaders When it comes to being carbon neutral, "she said students in the country's capital, Wellington

Interest in oil production in New Zealand has declined in recent years due to lower world oil prices, with only 2017 in the world a license was granted, compared with 10 in 2014.

However, the economy and regional leaders explained this. www.germnews.de/archive/gn/1995/01/11.html NZ $ 2.5 Billion ($ 1.8 Billion) Risked

National Energy and Resources Spokesman Jonathan Young said the decision would simply shift production elsewhere in the world Neil Holdom, Mayor of the World Capital in the high-energy region of Taranaki, called it "a kick in the stomach".

One of the country's largest energy companies, New Zealand Oil & Gas, said it was not before. Been warned

"We note that the announcement is a sudden change in policy that has not been consulted and appears to conflict with the government's election promises," a statement said.

The company, whose shares fell to six-month lows, said the move would have no immediate material impact on its financial position, but it would invest in exploration and production facilities in other jurisdictions.

The oil and gas industry accounts for only about 1.4 percent of the New Zealand economy, but the turmoil underscored the challenge facing the Labor Party, which has support for the Green Party.

The mood in the economy has dropped to a multi-year low since the inauguration of the Labor Party a decade of conservative national rule, although companies report a robust demand for their services

While permits for finding onshore oil and gas reserves will continue to exist and existing offshore permits will not be met. Ardern said that the decision was "setting our expectations for the future".

($ 1 = 1.3557 New Zealand Dollars) (review by Charlotte Greenfield, editing by Richard Pullin)




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