State-owned Mighty River Power has taken a stake in three offshore exploration permits held by Texas-based Pogo Producing, news service EnergyReview reports.
Mighty River has taken a 50 per cent equity stake in Pogo's three permits off the Taranaki coast.
Houston-based Pogo is rumoured to be poised to start its first drilling after booking the Ocean Patriot rig, which arrives in September for projects off the Taranaki and Canterbury coasts.
Mighty River takes stake in US venture
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