17 Sep 2013

NZOG on hunt for partners

7:52 am on 17 September 2013

New Zealand Oil and Gas is embarking on a global marketing campaign to secure more partners to work with.

Chief executive Andrew Knight said the company - the stock market's largest exploration company -wanted to attract partners into four petroleum exploration permits in the offshore Taranaki basin.

It was looking to farm down its interest in the permits by bringing in partners who had the financial capability and technical skills to joint venture with.

"Part of what we're doing is building a portfolio of opportunities that we can drill on, or be involved in drilling," Mr Knight said.

"The managing risk and managing exposure is a very important part of the way we develop our portfolio."

The company had resumed paying dividends about 18 months ago and since then had paid about $50 million to shareholders, he said.