Advertisement
UK markets closed
  • FTSE 100

    8,164.12
    -15.56 (-0.19%)
     
  • FTSE 250

    20,286.03
    -45.77 (-0.23%)
     
  • AIM

    764.38
    -0.09 (-0.01%)
     
  • GBP/EUR

    1.1796
    -0.0009 (-0.07%)
     
  • GBP/USD

    1.2646
    +0.0005 (+0.04%)
     
  • Bitcoin GBP

    48,621.99
    +501.62 (+1.04%)
     
  • CMC Crypto 200

    1,278.44
    -5.39 (-0.42%)
     
  • S&P 500

    5,460.48
    -22.39 (-0.41%)
     
  • DOW

    39,118.86
    -45.20 (-0.12%)
     
  • CRUDE OIL

    81.46
    -0.28 (-0.34%)
     
  • GOLD FUTURES

    2,336.90
    +0.30 (+0.01%)
     
  • NIKKEI 225

    39,583.08
    +241.54 (+0.61%)
     
  • HANG SENG

    17,718.61
    +2.14 (+0.01%)
     
  • DAX

    18,235.45
    +24.90 (+0.14%)
     
  • CAC 40

    7,479.40
    -51.32 (-0.68%)
     

New Zealand Set to Scrap Oil, Gas Exploration Ban in Second Half

(Bloomberg) -- 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.

Most Read from Bloomberg

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.

ADVERTISEMENT

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.

The end of the moratorium will be proposed in Crown Minerals Act amendments to be introduced in parliament in the second half of 2024, according to the statement. Green Party co-leader Chlöe Swarbrick criticized the move, saying lifting the ban is a “severe” backward step amid a “climate crisis.”

New Zealand stopped offshore oil and gas exploration permits in 2018 under then-leader Jacinda Ardern but continued to allow onshore projects.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.