Aussie company asks to explore Taranaki Basin for oil and gas

A Perth-based company has made an application to explore for oil and gas in the Taranaki Basin.

Taranaki Energy - a wholly owned subsidiary of Perth-based Pancontinental Energy - has applied for a permit targeting frontier deepwater off the coast of Taranaki.

It is the fifth permit application to prospect for hydrocarbons in New Zealand waters since the removal of the exploration ban.

The permit area covers 9972.5 square kilometres long-recognised for its prospecting potential, but largely under-explored.

No exploration wells had been drilled within the area, to date.

New Zealand Petroleum and Minerals (NZP&M) had opened a three-month competitive window for the application, which included a proposed two-year work programme focused on reprocessing and interpreting 2D seismic data, basin modelling, and identifying potential exploration targets to inform future investment decisions.

Resources Minister Shane Jones welcomed the application.

"New Zealand is seeing renewed momentum in petroleum exploration, with four recent applications from a mix of new and established operators already progressing through competitive processes or under assessment.

"Alongside recent commercial activity and interest levels, this reflects growing confidence and a clear lift in interest since the removal of the exploration ban, reinforced by the Government's clear direction regarding the sector's role in supporting our energy security and economic resilience."

Interested parties had until 8 October 2026 to submit competing applications.

At the close of the competition period, NZP&M would determine the order in which to process applications in accordance with the provisions of the Minerals Programme for Petroleum 2025.

Applications would then be evaluated against considerations in the Crown Minerals Act 1991. These include the technical and financial capabilities of the applicant, the applicant's record of compliance, and the merits of the proposed work programme.

Jones said the Government's open market regime, introduced following the removal of the exploration ban, enabled companies to apply for petroleum permits at any time, ensuring New Zealand could respond to emerging opportunities while maintaining a transparent and competitive allocation system.