Genesis Energy has put its 46 per cent stake in the Kupe oil and gas field up for review.
The company, which is 51 per cent owned by the New Zealand Government, said the asset had attractive cash flow and a strong growth outlook.
Genesis said the joint venture is now considering further development, including drilling an additional well and further exploration, which changes the risk and opportunity profile of the asset.
"Accordingly, the board now considers it an appropriate time to review Genesis' ongoing ownership of its 46 per cent interest in Kupe," the company said.