John Carnegie: Energy Resources Aotearoa Chief Executive on the lack of overseas interest in NZ's oil and gas output - Heather du Plessis-Allan Drive

The Government has claimed oil and gas exploration is necessary to address energy security issues - but it's unlikely to attract overseas investors.

Resources Minister Shane Jones yesterday confirmed the ban on petroleum exploration beyond onshore Taranaki will be reversed in the coming months.

Energy Resources Aotearoa Chief Executive John Carnegie says bringing in overseas investment is going to be a 'long-term effort'.

"We've only seen details in the press release, so we have to be slightly more patient to see what comes through in the legislation."

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