Genesis Energy is reviewing whether it should keep its investment in the Kupe oil and gas field.
The power company owns 46 percent of the field, which lies 30 kilometres off the Taranaki coast.
It said the field had "attractive" cash flow and a strong growth outlook, and its operators were looking at further development, including drilling an additional well and further exploration.
"[This] changes the risk and opportunity profile of the asset for Genesis. Accordingly, the Board now considers it an appropriate time to review Genesis' ongoing ownership of its 46 percent interest in Kupe," Genesis said in a statement to the stock exchange.
Australia's Beach Energy has a 50 percent stake in the field, with NZ Oil & Gas owning the remaining 4 percent.
Genesis said the review would look at the returns and risks of a potential drilling programme, the best capital structure for the company and whether there were better investment opportunities.
"The Board will assess whether continued ownership or a sale is in the best interest of shareholders."
"It is not expected that the outcome of this strategic review will impact our ability to maintain the current level of dividends or our long-term contractual rights to all gas associated with the Kupe asset," the company said.
The review is due to be done by mid-2021.
Kupe provides around 15 percent of the country's natural gas and half of LPG demand. In August, its gas reserves were revised up by more than 20 percent.