London-based energy company swoops in to buy Taranaki oil and gas assets

Friday, 10 April 2026

London-listed company Sunda Energy has bought Matahio Energy’s Taranaki onshore assets, similar to the image. (File photo)

Matahio Energy’s Taranaki oil and gas assets are set to change hands, with London-based Sunda Energy agreeing to buy the onshore fields and exploration permit.

The agreement covered Matahio’s onshore assets and business in Taranaki, including the producing Cheal, Cheal East and Sidewinder fields, as well as the Puka exploration permit.

Matahio, headquartered in Singapore, bought the assets from Tamarind Resources in 2022 after the company went into liquidation.

It had since operated the assets as a cluster of mid-life fields inland between Inglewood and Stratford, centred on the Cheal production station near Ngaere, producing about 1000 barrels of oil a day.

In a company update, Matahio said it had entered into a share purchase agreement to sell its New Zealand business.

It also confirmed its New Plymouth-based staff would transition with the business “ensuring continuity, capability and care for the asset”.

The company said it had not let fluctuating oil prices affect the deal, instead structuring it so both sides could benefit if prices rise.

Resources Minister Shane Jones says the deal shows renewed international confidence. (File photo)

“This transaction is not only a testament to the quality and potential of Matahio's NZ assets, but demonstrates that New Zealand is becoming yet again an attractive place to invest.”

The announcement drew attention from the Government.

Resources Minister Shane Jones said the agreement showed renewed international confidence at a time when gas supply remained under pressure.

“The entry of a gas‑focused explorer and producer like Sunda Energy helps strengthen that foundation and supports regions like Taranaki that have powered the sector for decades,” he said.

While the Government did not disclose how much the deal cost, BusinessDesk reported it was worth about NZ$24 million.

Sunda Energy would need approval from New Zealand regulators before it could take over the permits.

New Plymouth mayor Max Brough, who has been open about his support for the oil and gas sector, said in a social media post the deal reinforced the need to keep local production active in the near term.