New Zealand’s government has passed a bill to reverse the ban on new offshore oil and gas exploration permits that had been in place since 2018. The vote took place on July 31 and passed with 68 votes to 54.
Simon Watts, the Climate and Energy Minister, declared that lifting the ban will attract new investment during a time of price and supply volatility. The opposition voted against the bill, calling it “shamefully regressive.” Environmental groups also spoke out, saying the decision puts New Zealand’s unique biodiversity at risk.
The ban was initially introduced by the left-wing government of Jacinda Ardern and was widely praised by environmental movements as a major step in the fight against climate change.
However, the right-wing coalition in power since November 2023 is rolling back Ardern’s work and returning to fossil fuels. Indeed, in 2024, they passed a law to streamline mining operations, and in June 2025, they exited the Beyond Oil and Gas Alliance initiative. Moreover, they decreased funding for climate and conservation initiatives. The possibility of weakening legislation for oil and gas permit holders is also being discussed.
The debate around natural resources is not limited to New Zealand. Around the world, many countries hold extraordinary reserves—some worth trillions. This "hidden wealth" has the potential to create massive shifts in international relations and reshape the global economy. From rare minerals used in our daily tech to untapped fossil fuels, some nations are sitting on stockpiles.
The decision to extract them or not could change humanity's future.
Is your country one of the nations sitting on a goldmine of natural resources? Click on to find out.