New Zealand revives energy, mineral sectors by lifting restrictions
(MENAFN) New Zealand has taken a significant step toward revitalizing its energy and mineral sectors by lifting restrictions on petroleum exploration and updating its mining regulations, according to announcements made Thursday by the country’s Resources Minister.
With the passage of the Crown Minerals Amendment Bill through Parliament, the government is reversing a 2018 policy that barred oil and gas exploration outside the onshore Taranaki region on the North Island. The revised legislation also modernizes rules surrounding the decommissioning of extraction operations to align with international standards.
Additionally, a new permit system has been introduced to allow small-scale, non-commercial gold mining. This move is part of a broader strategy aimed at encouraging greater investment in state-owned mineral resources.
The minister emphasized the necessity of a practical approach to energy development, noting that natural gas remains a vital component of the country’s future energy framework. He argued that the earlier ban on exploration discouraged capital inflows and triggered gas supply issues, which in turn harmed energy stability, investor trust, and the broader economy.
The updated law also addresses a previously unregulated area by granting ministers authority to hold former resource permit holders accountable for decommissioning costs if current operators are unable to meet those obligations. This provision is intended to safeguard public funds while promoting private sector confidence.
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