The country’s natural gas supply is running out faster than previously thought.
The Ministry of Business, Innovation and Employment said previous forecasts showed annual gas production falling below 100 petajoules (PJ) by 2029, but revised forecasts indicated that level would be reached by next year.
A petajoule or PJ is a unit measurement of energy use commonly used for large-scale energy use, with one petajoule equal to one million billion joules.
MBIE also said as of January this year, natural gas reserves were down 27 percent compared to last year – also falling faster than previously estimated.
“In 2024, natural gas proven plus probable (2P) reserves reduced from 1300 PJ to 948 PJ,” MBIE head of data service delivery,” Karlene Tipler said.
Wow, so banning future gas exploration was such a genius idea. If we don’t get more renewables consented (possible now due to fast track), we’ll be importing a lots more coal.
David Farrar runs Curia Market Research, a specialist opinion polling and research agency, and the popular Kiwiblog where this article was sourced. He previously worked in the Parliament for eight years, serving two National Party Prime Ministers and three Opposition Leaders
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