Gas Security Fund: Todd Energy gets up to $23.5m for McKee gas projects

NZ Herald

6 Sep, 2026 09:24 PMQuick Read

Subscribe to listenAccess to Herald Premium articles require a Premium subscription. Subscribe now to listen.Subscribe now

‌

SaveShare this articleCopy LinkEmailFacebookTwitter/XLinkedInReddit

The Government has announced the first two recipients of loans from its $200 million Gas Security Fund, with Resources Minister Shane Jones saying he intends to allocate the entire fund before the election.

Todd Energy will receive up to $23.5m in loans for two Taranaki projects that could unlock
up to 19.9 petajoules of additional gas reserves over five to nine years.

“Subject to officials serving up robust recommendations to the ministers, we mean to allocate this fund prior to the election,” Jones told BusinessDesk.

Todd will receive up to $16.2m to drill and connect a new well at the McKee gas field, while a second loan of up to $7.3m will help convert an existing McKee-Tariki well to access gas in the deeper Tariki reservoir.

Todd is putting in about $10.1m of its own money – almost $7m for the McKee Gas Cap project and about $3.1m for the McKee-Tariki production well.