New Zealand is seeing renewed interest in offshore gas exploration, with seven companies seeking exploration rights after the government reversed the country’s ban on new offshore permits.
According to Reuters, the applications represent the first significant movement in New Zealand’s offshore exploration sector in eight years. The previous government introduced the permitting ban in 2018, prompting international companies including Chevron and Equinor to relinquish exploration acreage.
The current government reversed the ban in 2025 as part of efforts to address declining domestic gas production and strengthen energy security. New Zealand’s gas reserves fell by 23% during 2025 to 731 petajoules, while most existing production comes from fields that are declining or approaching the end of their productive lives.
Sunda Energy, Pancontinental Energy and privately owned EnZed are among the companies awaiting formal permits. Three New Zealand companies have also joined forces to pursue another permit, while CBX Energy is seeking acreage in the offshore Canterbury Basin.
Sunda Energy and EnZed are targeting areas in the Taranaki Basin, offshore the west coast of the North Island. The basin contains New Zealand’s producing offshore fields as well as extensive legacy subsurface data and previously identified gas discoveries. Competing companies have three months in which to propose superior work programmes for the same areas.
The government has also established a NZ$200 million fund to support new developments, including projects intended to recover additional gas from mature reservoirs.
The emerging exploration revival nevertheless faces political uncertainty ahead of New Zealand’s general election in November. The opposition Labour Party has said it would reinstate the ban on new oil and gas permits if elected, while honouring permits already awarded.
The renewed interest highlights both the remaining subsurface potential of New Zealand’s offshore basins and the effect of regulatory stability on long-term exploration investment.
These themes will also be explored in depth at the EAGE Exploration Workshop: Unlocking New Zealand's Upstream Potential, taking place 1–2 September 2026 in Auckland. Bringing together industry, government and academia, the workshop will examine the latest developments in exploration, basin analysis, CCUS and the technologies shaping the future of New Zealand's subsurface sector.
For more details on the EAGE workshop in Auckland, speakers and how to register, please visit the event website.
