New Zealand Oil & Gas (NZOG) has signed a deal that extends its gas supply agreement with Genesis Energy for three years.
The agreement, from October 1, covers all NZOG’s 4 per cent interest in gas production at the Kupe field, off the Taranaki coast.
NZOG said the price reflected market conditions.
The Kupe Joint Venture has also executed a drilling rig agreement with Valaris to use the Valaris 107 jack-up rig for the Kupe KS-9 infill well, it said.
The company expects drilling to start in the second half of 2023, subject to final regulatory approvals and rig availability.