On 5 July 2017 New Zealand Oil and Gas Corp (NZOG) reported that initial approvals and waivers had been granted with regards to its acquisition of Mitsui E&P Australiaâs 4% interest in the Kupe oil and gas field, located in the Eastern Taranaki Mobile Belt, Taranaki Basin.Â  The New Zealand Stock Exchange (NZX) has granted the waiver required for the interest change and the joint venture has not exercised its pre-emptive rights to the interest.Â  Some additional approvals remain required for the transaction to be completed and it was reported in December 2017 that these remained pending. The agreement between NZOG and Mitsui was first announced on 18 May 2017.Â  NZOG will pay NZD 35 million in the deal, upon completion of the transaction. NZOG will acquire Mitsuiâs full interest in the field, which is located in licence PML 38146, and will hold interest with Origin Energy (operator with 50% interest) and Genesis Energy (46% interest).Â  The purchase by NZOG is subject to joint venture and regulatory approvals.Â  If completed, it will have an effective date of 1 January 2017.Â  NZOG reported that the acquisition supported its current strategy. The Kupe field was discovered in December 1986 and has been producing since December 2009. The field life has been previously estimated at around 20 years, however NZOG reports that it believes there is additional undeveloped potential within the field.
New Zealand (Taranaki B.) (It's a petroleum rights. Please summarize by yourself). In IHS database: PML 38146 (Kupe) op. by ORIGIN EN (32.1875%, ORIGIN EN 17.8125%, GENESIS EN 16.0%, GENESIS EN 12.75%, GENESIS EN 11.0%, NZOG 4.0%, GENESIS EN 4.0%, GENESIS EN 1.25%, GENESIS EN 1.0%) to be check.