Further investment into gas security projects
New Zealand will invest in two gas security projects to bolster domestic energy supply, including AI-enabled subsurface data sharing and exploration of a Taranaki prospect.
The New Zealand Government will allocate further funding through the Gas Security Fund to two projects aimed at securing domestic energy supply. Resources Minister Shane Jones and Associate Finance Minister Chris Bishop announced the investments, which target improved access to geological data and exploration of new gas reserves. The initiatives follow concerns over energy reliability amid growing reliance on variable renewable sources.
The first project, led by Schlumberger, will integrate public and private subsurface data using AI-enabled seismic technology to map underground geology in Taranaki, East Coast, and Great South basins. The combined datasets will be provided in a standardized format, making exploration more efficient and accessible to industry participants for a two-year period.
The second project, EnZed Energy’s Kaheru prospect exploration off Taranaki, aims to assess the presence of commercially recoverable gas. Officials highlight the prospect’s potential to significantly boost domestic gas reserves, with estimates suggesting it could add the equivalent of nearly a quarter of New Zealand’s proven and probable gas reserves by early 2026.
The Gas Security Fund is designed to maintain energy reliability during periods when hydro, wind, and solar output is insufficient. Associate Finance Minister Chris Bishop emphasized the fund’s role in supporting businesses, households, and essential services by ensuring a stable energy supply as the country transitions toward greater renewable energy reliance.