New Zealand Gas Reserves Hit Record Low

WELLINGTON, May 14 (Bernama-Xinhua) -- New Zealand’s natural gas reserves have fallen to their lowest level in two decades, official data showed on Thursday, prompting government moves to strengthen energy security amid declining production, reported Xinhua.

The Business, Innovation and Employment Ministry said proven and probable reserves dropped 23 per cent to 731 petajoules as of Jan. 1, 2026 – the lowest since records began 20 years ago.

The Pohokura field, New Zealand's largest gas and condensate field, saw the largest cut of 129 petajoules due to well underperformance, according to the annual petroleum reserves data.

"The report also shows production is falling faster than expected. The Maui field, one of New Zealand's biggest, is set to stop producing this year. In total, eight gas fields are expected to close between now and 2036," Energy Minister Simeon Brown said in a statement.

Brown highlighted risks to electricity backup for renewables, citing 2024's dry-year price spikes over 800 NZ dollars (about US$475) per megawatt-hour, which led to higher power bills, business closures, job losses and a weaker economy.

Falling gas supply is a real problem for Kiwi households and businesses, the minister said.

The government has reversed a prior offshore exploration ban, launched a 200-million-NZ dollar (US$119 million) gas security fund, pursued LNG import facilities and enabled carbon capture, utilisation and storage to avert shortages and coal reliance, the statement noted.

-- BERNAMA-XINHUA