New Zealand to introduce bill to reverse oil and gas exploration ban
New Zealand exported around NZ$900 million of oil in 2022
New Zealand will introduce legislation to remove a controversial ban on offshore petroleum exploration to attract investment to the country's oil and gas sector, Reuters reports citing the goverment's statement on Sunday.
The bill would end the ban, in place since 2018, on exploration outside onshore Taranaki, an energy-rich region on New Zealand's North Island, Resources Minister Shane Jones said in a statement.
The bill will be introduced to parliament before the end of 2024, he said.
New Zealand's right-of-centre government released in November a number of policy plans including the proposal to scrap the exploration ban by the previous centre-left Labour-led government.
The New Zealand Green Party last year launched a petition to keep the ban, which environmental campaign group Greenpeace supports.
New Zealand exported around NZ$900 million of oil in 2022, while crown revenue from petroleum totalled NZ$214-million in 2022/23, government data show
