New Zealand's Todd Energy Ltd. has reportedly discovered a new offshore natural gas field with potential reserves of 60-150 bcf.
Todd drilled the Karewa-1 field in January. The well is on the west coast of the North Island, 50 km from Kawhia.
The company will determine further geological data on Karewa-1 in April.
The company will also drill nearby Karewa South and Mangaa West wells hoping to find gas there as well.
Todd would develop the three discoveries using subsea wells and pipelines linking the fields to the Maui gas pipeline in Taranaki.