A $30 billion oil drilling prospect just off the South Island has been canned. NZ Oil and Gas has relinquished an oil exploration permit in the Canterbury Basin that could have earned it $32 billion in royalties and taxes over its lifespan. The Barque prospect was estimated to contain the equivalent of 530 million barrels of oil. A 2017 report by MartinJenkins found the Barque prospect could have earned $32b in royalties and taxes over its lifespan. Oil Free Otago spokeswoman Rosemary Penwarden said the move by NZ Oil and Gas was another small win for the planet.

Source: Stuff February 16, 2021 04:32 UTC