WELLINGTON, New Zealand – New Zealand Oil & Gas (NZOG) has agreed to acquire Mitsui E&P Australia’s 4% stake in the Kupe gas and light oil field offshore South Taranaki for NZ$35 million ($25 million).
NZOG operated the discovery in the 1980s and retained a 15% share through development of the field and first production in 2009. Origin Energy is the current operator, in partnership with Genesis Energy.
Andrew Jefferies, CEO of NZOG, said the acquisition “provides ongoing income from an asset we see as high quality, in our heartland, and it is an appropriate investment in relation to our size and scale. It provides us with rights in the event of any further transactions in the joint venture, along with further prospectivity within the license area.”
The transaction adds 2.6 MMboe to the company’s reserves as of Jan. 1, 2017.