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New Zealand's Gas Reserves Hit Record Low
Description
New Zealands natural gas reserves have reached their lowest point in two decades, with a 23% drop to 731 petajoules as of January 1st. The Pohokura field saw the steepest decline, with a 129 petajoule cut. Energy Minister Simeon Brown warns that this could lead to power price spikes, plant closures, and job losses. The government is considering reversing the offshore oil and gas exploration ban and building a liquefied natural gas import terminal to ensure affordable energy.
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