The CEO of New Zealand’s only listed oil company says shutting down the industry here is a missed economic opportunity for the country.
Andrew Jeffries, CEO of New Zealand Oil and Gas, told Mark Sainsury that the world is still in need of NZ’s oil and gas products.
“As the global population is growing, people are using more energy, they’re wanting to have the sort of standard of living we enjoy here and the world needs more energy,” he said.
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If New Zealand ends its oil and gas exploration, it misses out on meeting demands for more energy, he explained.
“The world needs more energy. So where does the energy come from?”
The Government has ruled out new permits for offshore oil and gas exploration.
Earlier today, Prime Minister Jacinda Ardern announced she will no longer issue block offers, in order to combat climate change and create a sustainable future.
"We are protecting existing exploration and mining rights,” she said. “No current jobs will be affected by this as we are honouring all agreements with current permit holders."
Andrew Jeffries admits his company isn’t all that interested in alternative sources of energy until New Zealand has run out of oil and gas.
“At some stage in the future, if there was no oil and gas, we would do our science and do our engineering on other things.
“But at the moment, there is no other alternative for the world.”
Listen the full interview with Andrew Jeffries above.
Some of the content of this article appeared earlier on Newshub.co.nz