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Investors - APRIL 13, 2018

New Zealand bans all new offshore oil and gas exploration

by Andrea Zander

The New Zealand government has decided not to issue any further offshore oil and gas exploration permits in a move to address climate change.

Prime Minister Jacinda Ardern said the end to oil exploration is on behalf of future generations.

Under the new law, the country will not issue any new licenses or renew the existing drilling permits.

In total, there are 31 currently active oil and gas exploration permits in New Zealand with nine of them being onshore, according to article by Mashable.

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