New Zealand Oil and Gas says it is positioning itself to become the joint venture partner of choice for large overseas explorers.
The listed energy explorer will not be going ahead with plans to take a stake in an offshore Taranaki field after existing permit holders Anadarko and Hyundai Hisco exercised their rights to increase their holdings.
Earlier this month, the company had reached a conditional agreement to acquire 6.7% of the field from Global Resource Holdings and Randall C Thompson subject to preferential rights.
New Zealand Oil and Gas chief executive Andrew Knight says the company has not completely ruled out getting a stake in offshore Taranaki, although it will be a lot tougher now.
Mr Knight says there's a lot of potential yet to be tapped and tested in the Taranaki region.