Sadly, it looks like the answer is "yes". The House is currently in urgency for the end-of-term wash-up, and the Crown Minerals Amendment Bill, which would close the loophole, was not in the urgency motion. Which means that its unlikely to be passed before the election, giving Todd Energy a good couple of months to slip their application through and get a mining permit. Which in turn will enable them to extract that gas and burn the planet.
"Climate emergency"? Yeah, nah.
So, if you believed that Labour was doing the right thing about offshore drilling, ha ha, they fooled you. Cynical arseholes in Wellington who see everything as a PR stunt played you for a sucker. If you're angry about this, the best revenge is to vote for a party which takes the issue seriously and which will follow through on its policies. Which means voting for the Greens or Te Pāti Māori.