Perspective with Ryan Bridge: Why are the oil and gas companies scared to invest in us?

Author: Newstalk ZB,
Publish Date: Wed, 29 Jul 2026, 4:44pm

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There are two ways to look at this oil and gas announcement today.

Aussie outfit EnZed Energy's been given the nod to go have a sniff around off the coast of Taranaki.

That's important because they're the first company to be given that right since the Ardern ban. But there's already talk online about the fact this was the only application. There was nobody else applying for this permit, and it's just to have a poke around.

Now, you would say this proves the point that there's not much interest and, therefore, why bother anyway? But what it actually tells you is people are still bloody scared of the ban coming back. With good reason. Labour and the Greens say they'll bring it back.

I asked someone in the sector about this, and they said, "When that bulls*** goes away, we'll get more interest."

There's apparently another handful of permits been applied for. But this Aussie start-up is the first, and they're basically the guinea pig. The test run. It's a small step on a long road to re-building an industry that's basically in pieces on the chopping room floor.

The fact is, Labour doesn't need to be sitting in the Treasury benches to have power over industry. They're what corporates call a "regulatory risk". They don't like those.

My question to Hipkins and co. is pretty simple - NSW has just gone out to market on two tenders for offshore gas exploration. Why should they get the jobs and not us? Why should they get the royalties and not us? Why should they get the company tax and not us?

What is the point in being cool on the climate when even our next-door neighbours are doing the exact opposite?

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