New Zealand to reverse offshore oil and gas exploration ban amid energy crisis: New Zealand is planning to reverse its 2018 ban on offshore oil and gas exploration and take urgent measures to facilitate the import of liquified natural gas (LNG) to address severe energy shortages, Reuters reports. The reversal laws, set to pass by the end of this year, will lift restrictions on exploration outside the energy-rich Taranaki region on the country’s North Island. "We are responding to a situation as I said New Zealand should never have seen in the first place," New Zealand’s Prime Minister Christopher Luxon said as he urged the country’s opposition to back the planned reversal. The decision comes after renewables failed to bridge the gap in natural gas production which plunged 27.8% in 1Q 2024, leading to a nationwide energy crunch, according to Energy Minister Simeon Brown.

YET- The government plans to streamline the approval process for planned renewable energy projects to help reduce consent processing period to within one year, Brown said. It plans to open a first feasibility permit round for offshore renewable energy schemes in 2025, he added.

Shanghai plans major offshore solar farms: Shanghai will seek bids for its first set of offshore solar panels with a total capacity of at least 1 GW, Bloomberg reported yesterday, citing a notice by the city government. These solar farms, which will be located near offshore wind turbines in areas like Jinshan and Fengxian, aim to maximize the use of existing transmission infrastructure in the two districts.

REMEMBER- China’s government greenlit Shanghai's plan last month to install 29 GW of offshore wind capacity to help the city cut emissions and meet Beijing's climate targets. The plan is expected to supply about 100 bn kWh of clean electricity annually — over half of Shanghai's yearly power consumption — upon its completion.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Finland’s Wartsila to convert supply vessel into world’s first ammonia-powered PSV ship: Finnish marine and energy technology company Wartsila has signed a contract with Norwegian shipowner Eidesvik to make its offshore platform supply vessel run on ammonia fuel. The Viking Energy is set to be the world’s first platform supply vessel (PSV) to run on the green fuel with operations set for 1H 2026. Norwegian energy firm Equinor is chartering the vessel and financing the conversion, which will begin in early 2026. (Statement)
  • Norway's sovereign wealth fund to invest USD 1 bn in renewable energy fund: Norway's sovereign wealth fund has committed EUR 900 mn (c. USD 1 bn) to Copenhagen Infrastructure Partners' fifth flagship fund CI V. The fund focuses on offshore and onshore wind, solar farms, grid infrastructure, and energy storage. The investment will allow the world’s largest sovereign wealth fund to invest in renewable energy projects in the development stage in North America, Western Europe and developed countries in the Asia Pacific, according to the statement. (Statement)
  • Poland earmarks USD 1.2 bn for first nuclear plant: Poland is allocating PLN 4.6 bn (c. USD 1.2 bn) to start work on its first nuclear power plant, Finance Minister Andrzej Domanski says. Poland previously said it would need to secure PLN 60 bn between 2025 and 2030 for the Baltic Sea project which is expected to be launched in about ten years. It plans to secure further financing from the US for the project which is set to use US technology. (Bloomberg)
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