"Global demand for natural gas is forecast to grow strongly as a lower carbon, affordable and practical energy source," says Petroleum Exploration and Production Association of New Zealand (PEPANZ) CEO Cameron Madgwick.
"The report says that global demand for natural gas is likely to grow 45% by 2040 under the ‘New Policies’ scenario. Even under the most ambitious ‘Sustainable Development Scenario’ new investment into oil and gas is still required.
"Around the world natural gas is replacing coal which is helping lower emissions and energy costs.
"It’s also becoming an export industry as a number of massive projects are underway in places like Australia, Canada and Mozambique. This is a global industry New Zealand can and should be a part of."Instead of other countries following New Zealand’s example, they appear to be avoiding our mistake in ending new offshore exploration permits."