The Ardern government’s ban on new oil and gas exploration could cost the country from $1.2bn to $23.5bn in foregone revenue, according to official advice from the Ministry of Business, Innovation and Employment. The MBIE modelling, quality-checked by Treasury, points to lost oil company profits falling within a range of $199m and $7.3bn, with a calculated mid-point of $2.1bn.
Energy and Resources Minister Megan Woods says the government disputes the figures— but doesn’t offer its own estimate. She has introduced to Parliament the Crown Minerals Amendment Bill, which will legislate officially to stop new offshore oil and gas exploration permits.
