Small oil and gas companies are vying to secure exploration permits offshore New Zealand in the coming months before a potential reinstatement of the drilling ban in the country. But some of the oil and gas firms willing to secure permits are in a race against time to sign contracts before the November general election. Ahead of the election, the opposition Labour Party, which led in recent polls, said it would ban new offshore permits but honor existing contracts. As a result, oil and gas companies are racing to secure drilling rights before the November election. New Zealand’s natural gas buffer has all but vanished in the past decade, as production has slumped and an offshore exploration ban was in place between 2018 and 2025.