New Zealand considers lifting oil and gas exploration ban due to natural gas reserve decline.

New Zealand faces an energy crisis due to rapidly declining natural gas reserves, prompting the government to consider lifting a ban on new oil and gas exploration for energy security. However, this plan assumes that companies will invest in new gas fields, despite political and market risks. The country's dependence on natural gas, coupled with limited import options, could lead to increased prices, reduced methanol exports, and potential job losses. The transition to alternative energy sources like green hydrogen and green methanol would require significant investment and time.

August 12, 2024
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