PEPANZ urges review of govt's oil, gas ban policy

The oil industry is describing estimates the government will lose around $7.9 billion by halting new offshore oil and gas exploration permits as "eye-watering". In April the Prime Minister announced new exploration would be stopped and yesterday legislation was introduced to Parliament. The Ministry of Business, Innovation and Employment estimates the move could cost New Zealand billions in lost tax revenue between 2027 and 2050. Cameron Madgwick is chief executive of the Petroleum Exploration and Production Association of New Zealand. He talks to Guyon Espiner.