Deepwater production would need a floating platform similar to the Shell Ursa TLP in the Gulf of Mexico. (Image: Getty)
Just one year ago, the coalition Government overturned the ban on petroleum exploration that had been in place since 2018.This week, on July 29, it announced the first new petroleum exploration permit, nine days after New Zealand First pledged to invest $1 billion in a National Subsurface Development Survey. The national survey would include CO2 storage sites and onshore geothermal. However, the main focus is likely to be on five deep-water basins. Party leader Winston Peters said that NZ’s offshore basins could hold Norwegian-s...
