NZEC Expands Gas Supply Options Under Amended Agreement with Genesis
New Zealand Energy Corp., a publicly listed energy company based in Vancouver, British Columbia, has announced an amendment to its Gas Supply Agreement with Genesis Energy Limited. The agreement now allows NZEC and its co-venturer L&M Energy Limited to source natural gas from multiple petroleum licence areas for sale to Genesis.
The amendment was made to the existing agreement that was entered into in July 2024. According to Robert Bose, Executive Chairman of NZEC, 'The amendment provides significantly greater flexibility in how we source and deliver gas to Genesis while creating a pathway to monetize available production across our broader licence portfolio.'
Current production from the expanded supply area is approximately 2 MMcf/d gross and is expected to grow with further operational progress in the near term. The Company continues to work towards executing a Gas Storage Services Agreement under a non-binding memorandum of understanding with Genesis to contract a significant portion of the gas storage capacity at Tariki.
NZEC holds interests in multiple heritage assets and development-stage projects, including the Tariki Gas Storage Project in Taranaki. With a 50% ownership stake in the Waihapa production station, the Company can quickly tie in any near-term production and sell directly to market.