Energy Resources Aotearoa says gas producers were severely damaged by the previous ban on oil and gas exploration

It's asked the Government to underwrite the risk of oil and gas exploration.

Government ministers say they've made no decisions.

Energy Resources Aotearoa chief executive John Carnegie says it's an underwrite that would only protect the sector from pernicious future policy changes.

He says oil and gas exploration companies are worried any investment they make in New Zealand could be eroded or stripped if the Government changes.