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New Zealand has awarded its first new offshore petroleum exploration permit since the government reversed the country's ban on new offshore oil and gas exploration, marking what officials describe as a significant step toward rebuilding domestic energy investment.
The 12-year exploration permit has been awarded by New Zealand Petroleum and Minerals (NZP&M) to Australian explorer EnZed Energy following a competitive application process that closed six months ago. The permit covers approximately 546 square kilometers in the offshore Taranaki Basin, east of the producing Kupe gas field.
Resources Minister Shane Jones said the award sends a clear message that New Zealand is once again welcoming investment in its resource sector.
"This permit marks a major milestone for New Zealand's energy sector and shows that without doubt, we are open for business," Jones said. "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."
The exploration area includes the Kaheru prospect, where EnZed Energy plans to begin with studies of existing seismic data and geological information before determining future exploration activities. The staged work program is designed to better assess the area's hydrocarbon potential.
The permit comes as New Zealand grapples with declining domestic gas reserves. According to government figures, the country's proven and probable natural gas reserves fell 23% year-over-year to 731 petajoules as of January 1, 2026—the lowest level recorded in more than two decades.
Jones said reversing the offshore exploration ban was intended to restore investor confidence and strengthen New Zealand's long-term energy security.
"For too long, policy settings discouraged investment in a sector that plays a critical role in supporting energy security, industrial activity and economic growth," he said. "Since coming into office, this Coalition Government has taken steps to provide greater certainty for investors, improve the efficiency of regulatory processes and create a more attractive environment for responsible resource development."
The government argues that natural gas remains an essential part of New Zealand's energy mix, providing backup electricity generation when renewable output is low while supplying fuel and feedstock to key industries.
"Exploration does not guarantee a discovery, but it is an essential first step in understanding the resources New Zealand may have available to support future prosperity," Jones said.
The award represents the first tangible result of the government's policy shift after overturning the previous prohibition on new offshore exploration permits, signaling a renewed effort to boost domestic energy production as existing fields continue to mature.
