Mighty River takes stake in US venture

State-owned Mighty River Power has taken a stake in three offshore exploration permits held by Texas-based Pogo Producing, news service EnergyReview reports.

Mighty River has taken a 50 per cent equity stake in Pogo's three permits off the Taranaki coast.

Houston-based Pogo is rumoured to be poised to start its first drilling after booking the Ocean Patriot rig, which arrives in September for projects off the Taranaki and Canterbury coasts.