New Zealand’s oil and gas industry is a sizeable part of the country’s economy, but it’ll be stopping all new offshore exploration to address climate change.
“There will be no further offshore oil and gas exploration permits granted,” Prime Minister Jacinda Ardern said in an announcement on Thursday.
The decision will only apply to new permits that are put out to tender annually, with existing licenses not to be affected. Some of these permits still have more than a decade left to go.
There are 31 oil and gas exploration permits in the country, with 22 located offshore. New Zealand’s oil and gas industry contributes NZ$2.5 billion (US$1.8 billion) to its GDP, according to PEPANZ, an organisation which represents the country’s petroleum industry. Read more…