Energy Resources Aotearoa Welcomes Oil And Gas Exploration

Energy Resources Aotearoa welcomes today’s announcement from Minister of Resources Shane Jones reversing the oil and gas exploration ban and updating the sector’s legislation.

John Carnegie, Chief Executive of Energy Resources Aotearoa, says the proposed changes provide a positive pathway to ensuring all Kiwis have access to reliable, affordable home-grown energy that they need.

"We welcome a return to sensible, pragmatic policy settings that fairly manage the upstream oil and gas sector to the benefit of all New Zealanders.

"New Zealand faces an energy shortage which threatens our electricity system and the competitiveness of our exporters. We now urgently need to attract further investment in exploration and production to keep the lights on, our houses warm and business humming.

"A secure supply of gas will support our progress towards wider environment and climate goals, helping New Zealand meet our targets in the longer term through reducing the immediate reliance on coal to keep the lights on and the economy moving."

Modelling from the Climate Change Commission supports the ongoing need for oil and gas in our energy mix.

"Gas is critical for a diverse fuels energy system that enables us to have consistency of supply when we are increasingly reliant on weather-dependent energy," says Mr Carnegie.

The proposed changes show the Government has been deliberate and thoughtful about balancing any risks through appropriate regulatory oversight.

"The public can have confidence that oil and gas producers know their obligations, and the Government has the appropriate regulatory tools to hold them accountable," says Mr Carnegie.

"The changes proposed will also help restore investor confidence, and will be welcomed by the Taranaki region, providing a boost to their local economy through increased investment and job creation."

"This confidence will also spur investment across the system in low carbon technologies like carbon capture and green gases," says Mr Carnegie.

Energy Resources Aotearoa believes that affordable and reliable energy is essential for the well-being and prosperity of all New Zealanders.

"We welcome the opportunity to continue to work collaboratively with the Government to ensure our future energy security and wellbeing."

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