New Zealand Grants 1st Offshore Exploration Permit After Ban Reversal
New Zealand Petroleum and Minerals granted Australian company EnZed Energy a 12-year exploration permit for the Taranaki Basin, the first since the offshore exploration ban was lifted in July 2025, according to a statement from Resources Minister Shane Jones on Wednesday.The 546-square-kilometer permit covers the Kaheru prospect, where Enzed will conduct a staged exploration program beginning with seismic data and geological studies."As the first new offshore petroleum exploration permit granted since the ban was reversed, it is a clear signal that confidence is returning and investors are once again prepared to back New Zealand's resource potential," Jones said.The award came six months after the closure of the application process. It is expected to facilitate the understanding of the country's remaining resource potential considering that existing gas fields are maturing.New Zealand's proven and probable natural gas reserves stood at 731 petajoules as of Jan. 1, down 23% from a year earlier and the lowest level on record, the statement said.