Joint venture at Moturoa permit

Greymouth Petroleum and Ngati Te Whiti hapu have formed a joint venture to produce oil from the historic Moturoa permit area in New Plymouth.

It is hoped the joint venture will start producing oil from existing wells at Ngamotu Beach before Christmas. Wells in the area date back to 1866 and in the next 130 years 250,000 barrels of oil have been produced from 65 wells.

The partners were not releasing estimates of potential reserves in the permit area.