Oil exploration ban will cost NZ govt $7.9B in lost revenues: MBIE estimate

Mon, 24 Sep 2018

By Pattrick Smellie Sept. 24 (BusinessDesk) - The government's proposed ban on new offshore oil and gas exploration permits may cost the country $7.9 billion in revenue foregone between now and 2050, the Ministry of Business, Innovation and Employment says. The estimate accompanies the long-awaited release of Crown Minerals Act amendments required to put the ban in place. Energy Minister Megan Woods, who released the Crown Minerals (Petroleum) Amendment Bill this evening after share market trading closed, is disputing the figure. She says...

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