New Zealand invests $36m in gas security

Made through the Gas Security Fund, the investments, total $36 million.

The first project, worth $14.5m, involves contracting Schlumberger New Zealand to create the first basin-scale offshore pseudo 3D dataset using seismic technology.

This dataset will be made available for free to the industry for two years, with the aim of incentivising exploration in New Zealand.

A second project, costing $21.5m, is a time-limited equity arrangement for EnZed Energy's Kaheru offshore exploration project in Taranaki.

With an estimated total cost of $71m, the project aims to determine the presence of commercially recoverable gas.

The Government said the Gas Security Fund is intended to ensure a reliable energy supply during periods of constrained electricity supply.

(This story has been generated using AI with editor oversight)