Source: New Zealand Government
Further investments will be made through the Gas Security Fund into two projects to help secure New Zealand’s ongoing energy needs, Resources Minister Shane Jones and Associate Finance Minister Chris Bishop say.
The projects are:
- $14.5 million to contract Schlumberger New Zealand (SLB) to create the first basin-scale offshore pseudo 3D dataset using state-of-the-art seismic technology – with free access for industry for two years to incentivise companies to explore in New Zealand.
- $21.5m for a time-limited equity arrangement for EnZed Energy’s Kaheru offshore exploration project in Taranaki. The project has an estimated total cost of $71 million, with EnZed Energy seeking to raise the remaining $49.5m from other investors.
The Schlumberger project will bring together existing public and private datasets, alongside proprietary seismic technology that improves access to and understanding of the underground geology in the Taranaki, East Coast, and Great South basins.
“The value of this project is that it transforms a huge amount of fragmented subsurface exploration information into a single, basin-scale, AI-enabled exploration product delivered in industry standard format,” Mr Jones says.
“This is easier to access and interpret, making it more useful for industry. It will be very attractive to international exploration companies deciding where to put their money and effort.”
The datasets will be available free of charge to potential explorers for two years, reducing costs and improving access to key information for the sector.
The EnZed Energy project will explore the promising Kaheru prospect off Taranaki to determine whether commercially recoverable gas is present.
“This project could identify a significant new source of domestic gas supply to help meet our nation’s energy needs in the coming years. It targets an estimated 182 petajoules of additional gas reserve in the Kaheru permit. That’s equivalent to nearly 25 percent of New Zealand’s January 2026 proven and probable gas reserves,” Mr Jones says.
“The Gas Security Fund is intended to help us keep the lights on and the wheels of industry turning during periods when electricity supply from hydro, wind and solar is constrained,” Mr Bishop says.
“That’s good news for businesses, households, and essential services like hospitals and schools. New Zealanders need access to a reliable energy supply when renewables are unable to meet demand.
“The fund has been designed to provide time-limited support to the gas sector so it can continue contributing to the supply of energy needed for activities that support jobs and underpin key sectors of our economy as we move towards more renewables,” Mr Bishop says.
Original source: https://nz.mil-osi.com/2026/09/24/further-investment-into-gas-security-projects/