New Zealand Prime Minister Jacinda Ardern has announced a ban on new offshore exploration, a move hinted at last month but which appears to have taken the industry by surprise.
The policy will apply to all new offshore oil and gas developments, but existing agreements will be honoured to ensure supply security and provide an orderly transition to a zero-carbon future. The government will continue to offer onshore areas in the main gas-producing Taranaki region for exploration and will not revoke existing contracts.
“Transitions have to start...
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