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Download AudioRegional Development Minister Shane Jones says the bill reopening the country to oil and gas exploration is only the start, and it will be up to the market to determine if new supplies will be found and exploited.
Submissions on the bill reversing the 2018 ban closed on Tuesday after only four days as the Government tries to get it passed before the end of the year.
Mr Jones says not having supplies of gas adds uncertainty and undermines the reliability of the energy system, and certainty is also needed to bring back overseas investors.
“At some point, I’ve no doubt, after the law has been changed, investors both domestically and overseas will join forces and create a new source of gas-based energy but that’s up to the investment community. All we are doing is stripping away the legal prohibition that was brought in in 2018,” he says.
Minister Jones is in Te Tai Poutini for a regional development summit and a mining conference.
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