Measure would require oil firms to secure $800-million in coverage

Posted On: Jun. 21, 2019 6:09 AM CST

Oil companies in New Zealand could have to buy up to $1.2 billion New Zealand ($788 million) worth of insurance to cover oil spill-related damage under new rules proposed by the government, TVNZ.co.nz reported. Currently, oil companies need at least NZD 27 million of insurance to drill off New Zealand's coast.