Companies & Finance

New Zealand utility set to weather offshore exploration ban

New Zealand utility Genesis Energy has sufficient gas in place to supply its customers into the 2030s despite an offshore exploration ban
By Staff reporter 31 August 2018 0 32369

New Zealand utility Genesis Energy has sufficient gas in place to supply its customers into the 2030s despite the New Zealand government’s decision to ban new offshore exploration, The New Zealand Herald reported Chief Executive Marc England as saying on Thursday.

Genesis has a 46% stake in the offshore Kupe field, which produced record levels of oil and gas during the past year.

“[The ban] doesn’t really affect us – we’ve got an asset there that is going to be producing...