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)

Thu, 13 Jul 2023

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...

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