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A Canadian energy company will be in the country next week for a close inspection of possible oil and gas investment in Taranaki region.
Monumental Energy said it would work with the New Zealand Energy Corporation (NZEC), which it owns close to nine percent of, to look at new exploration and development projects.
The company’s director and founder, Maximilian Sali, said its strong links with NZEC made a closer look at New Zealand opportunities sensible.
“It seemed only natural for us to take another step farther into oil and gas in this prolific basin in New Zealand and begin assessing opportunities for Monumental to generate its own revenue by partnering on certain assets and potentially bidding on new blocks with NZEC,” he said in a statement to the Toronto Stock Exchange.
NZEC, which is also listed on the Toronto exchange, has a 50 percent stake in a gas handling facility for the Waihapa field, and is also a 50 percent partner in the Tariki-5 gas well which is expected to be drilled shortly.
“We are also very excited that NZEC is soon to begin drilling its highly anticipated Tariki-5 gas well into a market where the prices range from NZ$15-25 per million cubic feet due to the extreme gas shortages that the country has from the lack of new wells to come online over the last decade,” Sali said.
He said Monumental was also interested in buying into projects which upgrade existing oil wells to extend their production life, known as workover wells, or which offer royalty deals.
Officials from the company will be in the country next week to visit possible investment targets as well as talk to industry and government officials.