New Zealand has awarded its first new offshore petroleum exploration permit since the government reversed a ban on offshore oil and gas exploration, granting EnZed Energy rights to explore a prospect in the offshore Taranaki Basin.
The 12-year petroleum exploration permit, awarded by New Zealand Petroleum and Minerals (NZP&M), covers an area of about 546 square kilometers east of the Kupe gas field and follows a competitive application process that closed six months ago.
The permit covers the Kaheru prospect, where EnZed Energy will begin a staged exploration program, including the interpretation of existing seismic data and geological studies to assess the area's resource potential.
“This permit marks a major milestone for New Zealand’s energy sector and shows that without doubt, we are open for business.
“As the first new offshore petroleum exploration permit granted since the ban was reversed, it is a clear signal that confidence is returning and investors are once again prepared to back New Zealand’s resource potential,” said Shane Jones, Resources Minister.
The government said exploration remains important as New Zealand's existing gas fields mature. As of January 1, 2026, the country's proved and probable natural gas reserves had fallen 23% from a year earlier to 731 petajoules, the lowest level since records began more than two decades ago.
Jones added that natural gas remains an important part of New Zealand's energy system, supporting electricity generation when renewable output is low and providing fuel and feedstock for major industries.