The decision by New Zealand Oil and Gas to give up its last offshore exploration permit for the Kaipatiki prospect southeast of Stewart Island, is being described as the last nail in the coffin for offshore oil and gas exploration in this country.
The company blames the rising cost of drilling rigs under Covid-19, unsuccessful drilling ventures, and the Government's ban on new offshore permits, which made finding partners difficult.
Greenpeace says its a win fro the climate and wildlife, but retired petroleum geologist Mac Beggs says a lot has been lost.
He spoke to Susie Ferguson.
