The Government’s pulled the pin on any new off shore oil or gas exploration - as part of the long term shift to more renewable resources.
This block offer will only be open to bids for onshore exploration in Taranaki.
- Government moves to end oil and gas exploration
- Oil company not interested in alternatives until NZ has run out
"We are protecting existing exploration and mining rights," said Prime Minister Jacinda Ardern.
Meanwhile, PEPANZ chief executive Cameron Madgwick said the Government’s decision was taken “without consultation” with the industry.
“It will have an impact most likely on the job security of our workers in Taranaki.”
He described the industry’s reaction as “one of great disappointment”.
ACT has called the decision a "lose-lose" situation.
Speaking to RadioLIVE Drive's Ryan Bridge & Lisa Owen, Taranaki Mayor Neil Holdom described the policy in blunter terms - saying it’s kick in the guts for the region.
“Thousands of households in Taranaki depend on the oil and gas industry and while we all want to see a more sustainable future for New Zealand we had expected to be having a comprehensive conversation about a planned and staged transition to a low carbon economy over the next 20 to 30 years with central government, local government, Iwi, the industry and other stakeholders actively contributing," he said in a statement.
Listen to the full interview with Neil Holdom above.
Drive with Ryan Bridge and Lisa Owen, 3pm - 6pm Weekdays and streaming live on 'rova' channel 9 - available on Android and iPhone.