New Zealand Energy Minister, Pete Hodgson, has said that the government will sell its 11% interest in the offshore Kupe Field to Genesis Power. The field is located offshore the North Island along the southern Taranaki coast. The Energy Minister said this sale should speed development of the field. Financial terms of the deal were not disclosed.
Upon completion of the sale, Genesis Power will hold a 79% interest in the field and New Zealand Oil & Gas will hold the remaining 19%.