New Zealand Oil and Gas (NZOG) has received approval from the Overseas Investment Office and the New Zealand Petroleum and Minerals to purchase Mitsui E&P Australia's 4% interest in the Kupe field.
“All conditions required for completion of the transaction have now been satisfied. The transaction is expected to complete within the next ten days,” NZOG said in a release.
Kupe is offshore from South Taranaki. It comprises an offshore remote-operated production platform, a pipeline and umbilical cable to shore, and an onshore production facility near Hawera.
NZOG initiated the discovery of the field in the 1980s and its development in the 2000s. Its 15% interest was sold to Genesis Energy in January.
Kupe is operated by Lattice Energy Resources, which together with its related companies has a 50% interest. Genesis Energy through its subsidiaries holds 46%
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