Minister Welcomes Foreign Investment in NZ Petroleum Sector

A London-listed energy company has agreed to buy established oil and gas operations in Taranaki, in a deal Resources Minister Shane Jones says shows growing international confidence in New Zealand's petroleum sector.

Sunda Energy announced today it will purchase Matahio Energy's New Zealand assets, including the producing Cheal, Cheal East and Sidewinder fields, plus the Puka exploration permit.

The deal covers well-established onshore operations with existing infrastructure and local workers already in place.

"This transaction is the kind of signal we want to see as we work to reinvigorate New Zealand's petroleum sector," Mr Jones says.

"It shows there is still strong international interest in investing here, backing proven assets and bringing new capital, capability and ambition into our system."

The minister emphasised the importance of the petroleum sector for the country's economic stability and energy security.

"More than ever, a secure and productive petroleum sector matters for New Zealand's economic resilience and energy security. The entry of a gas‑focused explorer and producer like Sunda Energy helps strengthen that foundation and supports regions like Taranaki that have powered the sector for decades," he said.

Sunda Energy, which trades on the London Stock Exchange, now needs approval from New Zealand Petroleum and Minerals to complete the change of ownership for the affected permits.

Mr Jones highlighted that the assets involved are existing operations rather than new developments, which he sees as particularly valuable given current supply challenges.

"The assets involved are established operations with existing infrastructure and a skilled local workforce. That's exactly where we want to see renewed investment and activity, particularly in the short-term to bolster our dwindling gas supply."

The minister views the deal as confirmation that international investors still see potential in New Zealand's energy sector.

"If those processes are satisfied, I see this as a positive signal of continued international confidence in New Zealand's oil and gas sector and in the future of onshore energy development in regions like Taranaki," Mr Jones says.

The sale represents a significant development for Taranaki's energy sector, which has been a cornerstone of the region's economy for decades.