Monumental Energy Corp. has identified two gas-condensate prospects within its pending Tirua Petroleum Exploration Permit application in New Zealand’s Taranaki basin following reinterpretation of subsurface data from the acreage. The company applied for PEP 61554 in early 2026, covering a 254-sq-km area spanning onshore and offshore acreage in the northern Taranaki basin. The application remains […]
New Zealand’s government has awarded the first offshore oil and gas exploration license after last year lifting a ban on drilling, put in place by the previous government that wanted to focus on a transition from hydrocarbons to electricity from low-carbon sources.
Monumental Energy Corp said Wednesday it has agreed to fund New Zealand Energy Corp’s (NZEC) share of workover costs to restart flows at several wells in the Waihapa/Ngaere field in the onshore Taranaki basin.
New Zealand has reopened for oil and gas exploration, ready to receive applications for exploration projects after a seven-year pause, following the lifting of a ban on such activity installed by the previous government.
“The [Crown Minerals Amendment] Bill removes the ban on oil and gas exploration beyond onshore Taranaki, better aligns decommissioning settings with international practice, establishes a new tier of permit to undertake small-scale non-commercial gold mining and signals the Coalition Government’s intent to reinvigorate investment in Crown-owned minerals”, Jone said in a statement.
New Zealand said on Monday it would pass laws by the end of this year to reverse a ban on offshore oil and gas exploration, and take urgent steps to remove regulatory hurdles to import liquefied natural gas (LNG) amid energy shortages.
This week’s announcement of the government’s plans to reopen New Zealand’s territorial waters to oil drilling comes as no surprise. All three coalition parties campaigned on reversing the 2018 ban on offshore oil exploration.
New Zealand proposed a ban on oil and gas exploration back in 2018.
This week, the coalition government said it would introduce a bill in Parliament in the second half of 2024 to remove the ban on petroleum exploration beyond onshore Taranaki.
The removal of the ban is aimed at dealing with the energy security challenges posed by rapidly declining natural gas reserves.
Offshore wind could add nearly $50 billion to gross domestic product (GDP) and create 10,000 jobs, says a new study.
ADELAIDE, Australia — The Valaris 107 jackup rig has completed drilling the Kupe South 9 development in the Taranaki Basin offshore New Zealand, Beach Energy said in its latest results statement.