Fifth new petroleum application targets Taranaki

An application targeting frontier deepwater in the Taranaki Basin marks the fifth permit application to prospect or explore for petroleum since the removal of the exploration ban, Resources Minister Shane Jones says.

Today, New Zealand Petroleum and Minerals (NZP&M) opened a three-month competitive window for a petroleum prospecting permit application from Taranaki Energy Pty Ltd, a wholly owned subsidiary of Perth-based Pancontinental Energy.

The application includes 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.

“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,” Mr Jones says.

“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.”

The proposed permit area covers 9972.5 sq km in deepwater offshore Taranaki, an area long recognised as highly prospective but largely underexplored. No exploration wells have been drilled within the area to date, highlighting the potential for new discoveries as geological understanding improves.

“I welcome Pancontinental’s interest in New Zealand and in advancing our petroleum potential,” Mr Jones says.

Interested parties have until 5pm, 8 October 2026, to submit competing applications. At the close of the period of competition, NZP&M will determine the order in which to process applications in accordance with the provisions of the Minerals Programme for Petroleum 2025. Applications will then be evaluated against the 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.

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

More information can be found here: Applications under the open market competitive process - New Zealand Petroleum and Minerals ...