Hon Shane JonesMinister for ResourcesA bid to undertake exploration over an area east of Kupe gas field in Taranaki has become the first new petroleum exploration permit to be granted since the Coalition Government reversed the ban on offshore exploration, Resources Minister Shane Jones says. Six months after the closure of a competitive market process for the application, New Zealand Petroleum and Minerals (NZP&M) has today awarded Australian explorer EnZed Energy a 12-year petroleum exploration permit covering about 546sq km in the offshore Taranaki Basin. “This permit marks a major milestone for New Zealand’s energy sector and shows that without doubt, we are open for business,” Mr Jones says. “As the first new offshore petroleum exploration permit granted since the ban was reversed, it is a clear signal that confidence is returning and investors are once again prepared to back New Zealand’s resource potential.” It supports electricity generation when renewable output is low and provides an important fuel and feedstock for major industries,” Mr Jones says.