NZ is running out of gas—literally

"The coalition government recently announced its plan to reverse a ban on new oil and gas exploration to deal with an energy security challenge brought on by rapidly declining natural gas reserves.

But this assumes, rather optimistically, that repealing the ban will prompt companies to invest in new gas fields. New Zealand is perpetually running out of gas. Energy companies estimate how much is left underground and how long that resource will last. At the same time, they are drilling new development wells—$350 million worth between 2016 and 2020—which adds more gas to the reserves and pushes out the ultimate end date. What has changed is that all the extra drilling hasn't turned up much extra gas in the past few years. This is despite record amounts spent on new wells—nearly $1.3 billion between 2020 and 2024. Energy companies now think there's less gas than previously thought." MS