Earlier this week Origin confirmed what Energyreview.Net had said over six weeks ago - that it was in the final stages of negotiations with Genesis to acquire a significant stake in the oil and gas field.

Origin commercial executive director Bruce Beeren said then that negotiations for the possible 50% acquisition were at an advanced stage but were not yet complete.

Today Kupe partner New Zealand Oil and Gas provided its shareholders and other interested parties with a copy of an Origin announcement to the Australian Stock Exchange.

"Although we are not directly involved, we felt it necessary to keep shareholders informed. This deal is now common knowledge and, when it's finally completed, will be a significant step forward to the development of Kupe which was discovered almost 18 years ago," NZOG exploration manager Eric Matthews told EnergyReview.Net from Sydney.

However, he declined to comment on rumours that NZOG was planning to close its Auckland office and open an office in Wellington, to be closer to government departments and other explorers. "It's an option, obviously, but there's nothing definite."

In early December ERN said it believed Origin was the frontrunner to take over as operator of the offshore Taranaki field, as well as taking a significant stake from Genesis Power.

As well as the similar meaning of the company names, commentators said at that time there should be certain synergies between the two, given Origin's experience in exploration and production, energy retailing and gas-fired power station management; and Genesis' gas trading and electricity generation and retailing knowledge.

The formerly marginal Kupe field is New Zealand's second largest undeveloped petroleum resource after the possible 1 tcf Pohokura field and Genesis wants first Kupe gas ashore in 2006-07 to supplement Pohokura gas, primarily for its existing and planned Huntly power stations.