Genesis Energy agrees to buy NZOG's stake in Kupe field for $168 mln

Tue, 15 Nov 2016

By Paul McBeth Nov. 16 (BusinessDesk) - Genesis Energy will buy New Zealand Oil & Gas's stake in the Kupe gas and oil field for $168 million, which the country's biggest electricity retailer expects will immediately boost annual earnings. The deal will increase Genesis's stake to 46 percent in the oil field, with operator Origin Energy holding 50 percent and Mitsui E&P the remaining 4 percent, and includes NZOG's royalty interests. NZOG currently sells gas from the field to Genesis and LPG to Vector, and the state-controlled power compan...

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