"Promising exploration target": Govt grants first offshore oil permit since ban's reversal
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The Government's granted its first permit to dig for offshore petroleum since reversing the oil and gas ban.
Aussie company EnZed Energy's been awarded a 12-year exploration permit in the offshore Taranaki basin.
Resources Minister Shane Jones calls it a major milestone and a clear signal confidence is returning.
Energy Resources Aotearoa CEO John Carnegie told Mike Hosking that exploration is an inherently risky exercise and uncertain process, but the permit area covers a promising target.
He says that with supportive regulatory settings, if a commercial discovery is made, it might be possible to get gas to market in as little as five or so years.
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