New Zealand Oil & Gas is looking to grow by acquiring non-operated interests in high quality production assets that have development upside in our regional areas of focus, where we can leverage the capabilities of the wider group, while working within our means.
With a portfolio weighted heavily towards gas, and a strong balance sheet, New Zealand Oil & Gas has been well-positioned strategically for the unprecedented conditions caused by the pandemic and pursue growth opportunities in stressed energy markets.
Following a strategic review in 2020 the Board announced key strategic principles:
- Regional focus. Oil and gas assets in geographies where we have a clear advantage, primarily Australia and New Zealand.
- Active pursuit of investment in high quality assets that leverage the capabilities of the wider group.
- Prudent financial management, working on opportunities of a size and scale that the Company’s balance sheet could support without significant funding requirements.
GROWTH IN THE AMADEUS BASIN
In 2021 we entered a conditional agreement to acquire high quality production assets in the Amadeus basin that fit our strategic framework.
The agreement was approved by shareholders at a special meeting held on 24 June 2021, and the acquisition is expected to complete when conditions are satisfied in August.Production from the three assets is proven. The fields are linked to pipelines into markets hungry for gas. The operator is of admirable quality, with aligned interests. There are multiple development prospects at a pace and scale that are manageable.
We position ourselves as the partner of choice for upstream oil and gas activity in Australasia, based on our New Zealand values , behaviours and commitment to our community. We are a values-based business, with an ethical outlook and a commitment to safe, socially responsible, sustainable activity for the mutual benefit of our shareholders and our communities.