Oil
Monumental Energy joins New Zealand onshore drilling consortium
Canada-listed Monumental Energy plans to take an ownership interest in the undrilled Maata oilfield within New Zealand's Taranaki Basin.
Key points
- Monumental Energy joins a four-company consortium to drill the Maata-1 well.
- The prospect is mapped as the largest Mount Messenger sandstone target in the onshore Taranaki Basin.
- Operations are targeted for the first quarter of 2027, pending regulatory and partner approvals.
What happened
According to Offshore Technology, Canada-listed explorer Monumental Energy has announced plans to acquire an ownership interest in the Maata oilfield in New Zealand. The project is managed by a four-company consortium that includes Jetex Energy as operator, New Zealand Energy, and 3TCF.
The Maata prospect is located within petroleum exploration permit PEP 60742. While surrounding areas in the onshore Taranaki Basin have produced tens of millions of barrels of oil, the Maata prospect itself remains undrilled and its reserves unconfirmed.
What comes next
Technical studies and drilling are required to establish the resource potential. The consortium has secured a location for the Maata-1 well, procured drilling materials, and obtained necessary regulatory consents. Operations are scheduled to begin in the first quarter of 2027, subject to the finalisation of a joint venture agreement and government approvals.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
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Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
