Close Menu
  • Home
  • Market News
    • Crude Oil Prices
    • Brent vs WTI
    • Futures & Trading
    • OPEC Announcements
  • Company & Corporate
    • Mergers & Acquisitions
    • Earnings Reports
    • Executive Moves
    • ESG & Sustainability
  • Geopolitical & Global
    • Middle East
    • North America
    • Europe & Russia
    • Asia & China
    • Latin America
  • Supply & Disruption
    • Pipeline Disruptions
    • Refinery Outages
    • Weather Events (hurricanes, floods)
    • Labor Strikes & Protest Movements
  • Policy & Regulation
    • U.S. Energy Policy
    • EU Carbon Targets
    • Emissions Regulations
    • International Trade & Sanctions
  • Tech
    • Energy Transition
    • Hydrogen & LNG
    • Carbon Capture
    • Battery / Storage Tech
  • ESG
    • Climate Commitments
    • Greenwashing News
    • Net-Zero Tracking
    • Institutional Divestments
  • Financial
    • Interest Rates Impact on Oil
    • Inflation + Demand
    • Oil & Stock Correlation
    • Investor Sentiment

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Are Labour’s plans to offset Heathrow expansion emissions all pie in the sky? | Green politics

August 1, 2025

Tim Cook Said Apple Is Open to Buying Companies

August 1, 2025

Trump Unveils New Tariffs Ahead of Trade Deal Deadline

August 1, 2025
Facebook X (Twitter) Instagram Threads
Oil Market Cap – Global Oil & Energy News, Data & Analysis
  • Home
  • Market News
    • Crude Oil Prices
    • Brent vs WTI
    • Futures & Trading
    • OPEC Announcements
  • Company & Corporate
    • Mergers & Acquisitions
    • Earnings Reports
    • Executive Moves
    • ESG & Sustainability
  • Geopolitical & Global
    • Middle East
    • North America
    • Europe & Russia
    • Asia & China
    • Latin America
  • Supply & Disruption
    • Pipeline Disruptions
    • Refinery Outages
    • Weather Events (hurricanes, floods)
    • Labor Strikes & Protest Movements
  • Policy & Regulation
    • U.S. Energy Policy
    • EU Carbon Targets
    • Emissions Regulations
    • International Trade & Sanctions
  • Tech
    • Energy Transition
    • Hydrogen & LNG
    • Carbon Capture
    • Battery / Storage Tech
  • ESG
    • Climate Commitments
    • Greenwashing News
    • Net-Zero Tracking
    • Institutional Divestments
  • Financial
    • Interest Rates Impact on Oil
    • Inflation + Demand
    • Oil & Stock Correlation
    • Investor Sentiment
Oil Market Cap – Global Oil & Energy News, Data & Analysis
Home » New Zealand reverses ban on offshore oil and gas exploration, ETEnergyworld
Oil & Stock Correlation

New Zealand reverses ban on offshore oil and gas exploration, ETEnergyworld

omc_adminBy omc_adminJuly 31, 2025No Comments3 Mins Read
Share
Facebook Twitter Pinterest Threads Bluesky Copy Link


New Zealand’s government voted Thursday to open the country for new oil and gas exploration, reversing a ban put in place under former prime minister Jacinda Ardern.

Resources minister Shane Jones — who described climate change as “largely moral hysteria” — said new laws would stoke investment in petroleum exploration and help ease winter energy supply issues.

“The ill-fated exploration ban in 2018 has exacerbated shortages in our domestic gas supply by obliterating new investment,” Jones said in a statement.

Former premier Ardern banned new offshore exploration to much fanfare in 2018, citing New Zealand’s “clean, green and sustainable future”.

Jones described that ban as “the worst energy (and) natural resource decision” in New Zealand’s history.

“We are not going to… corrode the productivity of our economy by denying ourselves access to fossil fuels,” he said.

“The high tide mark of that heresy has come and gone.”

During a vigorous debate over the laws, Jones was asked if he consulted with indigenous Maori.

“I interviewed myself,” said Jones, who is Maori.

“I spoke to no climate group. I spoke to no (Maori) group. I engaged with the people who are investing and who will be the risk takers to salvage and rescue this sector, and I’m extraordinarily proud of myself that I’ve done that.”

It was a stark U-turn for Jones, who was a minister in Ardern’s government when the 2018 exploration ban was passed.

Jones had voted in favour of the ban.

He recently described his former colleague Ardern as a “political fugitive” who had fled the country to teach at Harvard.

Opposition energy spokesperson Megan Woods said Thursday the government was putting “the interests of the oil and gas companies at the forefront”.

“Restarting oil and gas is one of the most ridiculous things I have heard.”

– ‘Wrong-headed’ –

Green Party MP Steve Abel said the government was “wrong-headed and archaic”.

“It’s extraordinary that here we are this many years later and they’re bringing back oil and gas exploration after our nation was celebrated around the world for its vision,” Abel said.

The government had planned to pass the legislation by the end of 2024, but it was delayed several times.

A drafting error was cited as a reason.

The bill has many critics and was opposed by all opposition parties.

It was voted through by a count of 68-54.

New Zealand has long promoted a “clean green” image that highlights its rolling pastures, untouched rainforests and pristine waterways.

Ardern — who led the country between 2017 and 2023 — was seen as a champion of the environment, banning offshore gas exploration and declaring New Zealand faced a “climate emergency”.

In the years since, energy prices in New Zealand have increased more than 10 percent, even as households used less power.

Transpower, the state-owned company which manages the power grid, reported in May there is a higher risk of blackouts next winter, due to a lack of energy supply.

It said solar, wind and battery storage was not emerging quick enough to make up for dwindling supply from gas fields.

The government conceded new exploration was unlikely to bolster oil or gas supplies for at least another decade.

bes/sft/tym

Published On Jul 31, 2025 at 01:16 PM IST

Join the community of 2M+ industry professionals.

Subscribe to Newsletter to get latest insights & analysis in your inbox.

All about ETEnergyworld industry right on your smartphone!



Source link

Share. Facebook Twitter Pinterest Bluesky Threads Tumblr Telegram Email
omc_admin
  • Website

Related Posts

Relief for Small Businesses as Rates Are Cut by Rs 33, ETEnergyworld

August 1, 2025

Indian Oil PSUs Halt Russian Crude Purchases Amid US Tariffs, ETEnergyworld

August 1, 2025

India Halts Russian Oil Purchases Amid US Tariff Threats, ETEnergyworld

August 1, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

LPG sales grow 5.1% in FY25, 43.6 lakh new customers enrolled, ET EnergyWorld

May 16, 20255 Views

South Sudan on edge as Sudan’s war threatens vital oil industry | Sudan war News

May 21, 20254 Views

Trump’s 100 days, AI bubble, volatility: Market Takeaways

December 16, 20072 Views
Don't Miss

Strohm completes first 13 TCP jumpers for ExxonMobil Guyana deepwater field

By omc_adminJuly 31, 2025

In a first for both the region and the client, Strohm has completed fabrication of…

Prologis Turns Warehouse Rooftops into Illinois’ Largest Community Solar Network

July 31, 2025

Uniper and Tourmaline sign long-term natural gas supply agreement 

July 31, 2025

Repsol-NEO merger forms one of largest producers on UK Continental Shelf

July 31, 2025
Top Trending

Are Labour’s plans to offset Heathrow expansion emissions all pie in the sky? | Green politics

By omc_adminAugust 1, 2025

Top Texas emergency official says he was sick and asleep as deadly floods hit | Texas

By omc_adminJuly 31, 2025

KKR Commits $170 Million to Grow Clean Energy Platform Greenvolt

By omc_adminJuly 31, 2025
Most Popular

Analysis: Reform-led councils threaten 6GW of solar and battery schemes across England

June 16, 20252 Views

Guest post: How ‘feedback loops’ and ‘non-linear thinking’ can inform climate policy

June 5, 20251 Views

The 5 Best Soundbars of 2025

May 6, 20251 Views
Our Picks

Uniper and Tourmaline sign long-term natural gas supply agreement 

July 31, 2025

U.S., Pakistan sign deal to develop oil reserves, improve trade ties

July 31, 2025

Strohm completes first 13 TCP jumpers for ExxonMobil Guyana deepwater field

July 31, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
© 2025 oilmarketcap. Designed by oilmarketcap.

Type above and press Enter to search. Press Esc to cancel.