New Zealand Revives Gas Exploration with Open Market Applications

Petroleum operators in New Zealand can now apply for new prospecting and exploration permits beyond Taranaki to boost gas reserves, thanks to a new open market application pathway introduced alongside the Block Offer competitive tender process. The exploration ban in 2018 had a negative impact on the gas sector, hindering investment and exploration efforts, leading to energy security concerns. To revitalize exploration activity, the government is focusing on streamlining permit processes and offering co-investment opportunities in new gas fields, while also introducing a new Tier 3 permit category for hobby miners to encourage small-scale gold mining across the country.