Matahio Energy Acquires Six onshore Assets in New Zealand

Matahio Energy has completed the acquisition of a portfolio of six onshore oil and gas licenses in the Taranaki Basin, North Island, New Zealand.

June 06, 2023. By News Bureau

Matahio Energy has completed the acquisition of a portfolio of six onshore oil and gas licenses in the Taranaki Basin, North Island, New Zealand.

Matahio will be the operator of these licenses, holding 100% participating interest in four licenses, and 70% interest in the remaining two licenses. Of the six licenses, three are currently producing.

The sale and purchase agreement between the parties was signed in March 2022. All required approvals for the relevant New Zealand regulatory authorities have been obtained to complete this transaction.

The transaction also includes full technical and operational teams, based in New Plymouth, who have a track record in delivering strong health, safety & environment (HSE) and production performance. Most notably, recent production optimisation efforts have resulted in production rates returning to 2015 levels without drilling any new wells.

Matahio has constructed a bottom-up greenhouse gas reduction plan that projects the New Zealand business to be 'net-zero' by 2030. A significant component of this plan is a deep decarbonization of the operation, for which a number of projects have been initiated in 2023, targeting an immediate impact on Matahio New Zealand's carbon footprint.

Dr Wai-Lid Wong, CEO of Matahio Energy, says, "We are excited to progress the multi-dimensional plans we have laid out for this portfolio of assets in New Zealand. First and foremost, the execution of an expansive production optimisation and development programme, which has already borne fruit, will continue to exhibit Matahio's mature field management credentials. This includes maintaining the portfolio's OPEX per barrel at levels lower than 40 USD/bbl. Second, the proving-up of prospects in the Puka license area, and utilising existing infrastructure for its development, will enhance the longevity of our New Zealand business. And finally, to undertake a complex decarbonisation plan, which underpins our New Zealand net zero strategy and aims to demonstrate that this growth does not need to be at the expense of the environment."

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