Monumental Energy targets gas reserves in New Zealand's Taranaki Basin

Monumental Energy Corp. has completed a data reinterpretation for the Mauku block within the Tirua Point exploration area in New Zealand’s northern Taranaki Basin. The company has selected a target area, pending final approval from New Zealand Petroleum & Minerals (NZPAM).

The 254 km² Tirua Point area contains two identified gas-condensate prospecting zones: Mauku NE and Mangatoa. Mauku NE, part of the Eocene Mangahewa Group, has a potential recoverable resource of 200 petajoules. Mangatoa, located in the deeper Cretaceous Taniwha Formation, is described as a significantly larger target with potential exceeding 1,000 petajoules.

Monumental Energy expects to hold a 60% interest in the project, with 30% held by 3TCF and 10% by New Zealand Energy Corp, which is slated to act as the operator. This exploration comes amid a period of gas scarcity in New Zealand, where major methanol producers have faced production halts due to supply shortages.