Gas reserves drop below 10 years of existing use for first time

Gas reserves drop below 10 years of existing use for first time
NZ's gas reserves are declining, but so is gas use. (Image: Getty)
Ian Llewellyn
New Zealand’s expected oil and gas reserves have dropped below 10 years of existing use for the first time.Confirmation of declining reserves comes as gas use has also been dropping, and the energy sector debates the future of the fuel in the system and whether there will be an energy shortfall.The Ministry of Business, Innovation and Employment’s (MBIE) data supplied by both onshore and offshore permit holders shows a 17% decrease in proven plus probable (2P) reserves with 1,635 petajoules (PJ) of 2P Gas reserves reported as a...

More Policy

Fish-hooks snag Nash's US foreign investor pitch
Policy Exclusive

Fish-hooks snag Nash's US foreign investor pitch

Claims of government support 'not as clear as they could be', says Invest NZ.

Cloudfunding: what next for Auckland events centre
Policy

Cloudfunding: what next for Auckland events centre

The Crown offered to sell The Cloud for $1, BusinessDesk understands.

First residential housing fast-track consent granted
Policy

First residential housing fast-track consent granted

The Maitahi Village project in Nelson will supply about 374 residential units.

Gregor Thompson 18 Sep 2025
Government announces $70m for contestable AI research funding
Policy

Government announces $70m for contestable AI research funding

The reallocated funds will go through the NZ Institute for Advanced Technology

Staff reporters 18 Sep 2025