Exploration & Production

New Zealand to stop all new offshore exploration

New Zealand is halting all new offshore oil and gas exploration as part of its efforts to reduce its greenhouse gas emissions.
By Staff reporter 12 April 2018 0 30417

New Zealand is halting all new offshore oil and gas exploration as part of its efforts to reduce its greenhouse gas emissions, The Business Times reported the government as announcing on Thursday.

The oil and gas industry generates about NZ$2.5 billion ($1.8 billion) for the government each year and employs around 11,000 people.

Prime Minister Jacinda Ardern said existing drilling and exploration permits would not be affected, meaning no existing jobs would be lost.

She also said there would be limits on new onshore permits...