What is "petrocorp"

Petrocorp, formally the Petroleum Corporation of New Zealand Limited, is a former New Zealand State-Owned Enterprise that was formed in 1978. It was sold by the Fourth Labour government in 1988 to Fletcher Challenge, and became the Fletcher Energy group.

The company was created to undertake the Government's petroleum exploration activities and was involved in the Maui gas field. Through an agreement formed on 1 October 1973 Petrocorp became a 50% owner, with Todd Corporation, BP and Shell of the Offshore Mining Company Limited which developed and then sold gas from the Maui field. These companies became known as the Maui Partners.