A Perth-based energy company has applied for a massive petroleum prospecting permit covering nearly 10,000 square kilometres of deepwater ocean off the Taranaki coast, marking the fifth major application since the government lifted the oil and gas exploration ban:
A bid to prospect for oil and gas off the Taranaki coast has been lodged by an Australian energy firm.
New Zealand Petroleum and Minerals (NZP&M) hqw opened a three-month competitive window for a petroleum prospecting permit, triggered by an application from Taranaki Energy Pty Ltd, a wholly owned subsidiary of Perth-based Pancontinental Energy.
The proposed permit area spans 9,972.5 square kilometres in deepwater offshore Taranaki.
This expansive marine territory is long recognised as highly prospective by geologists but remains entirely under-explored, with no exploration wells drilled within the specific zone to date.
Resources Minister Shane Jones welcomed the international interest, noting it signals renewed momentum for the country's energy sector.
In a statement, Mr Jones said the application reflects "growing confidence and a clear lift in interest since the removal of the exploration ban."
He added that the development is reinforced by the coalition government's clear direction regarding the sector's role in supporting energy security and economic resilience.
If approved, the company will undertake a two-year work programme.
This initial phase focuses on reprocessing and interpreting existing 2D seismic data, basin modelling and identifying potential exploration targets to inform future investment decisions.
Competing companies have until 5pm on 8 October 2026 to submit alternative applications for the area.
Once the competitive window closes, officials will determine the processing order under the Minerals Programme for Petroleum 2025 before evaluating bids against the Crown Minerals Act 1991.
Government evaluations will focus on the technical and financial capabilities of the applicants, their compliance records and the operational merits of their proposed work programmes.
This open-market regime allows companies to apply for permits at any time, marking a significant shift from previous regulatory frameworks.
This proposal represents the fifth permit application to prospect or explore for petroleum since the previous government's offshore exploration ban was overturned late last year.
Four other recent applications from a mix of new and established operators are currently moving through competitive processes or undergoing formal assessment by crown regulators.
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