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.
[2] In 1987, Petrocorp became a publicly-listed company on the New Zealand Stock Exchange, due to a 30% share sell down by the government.
On 3 March 1988, Fletcher Challenge agreed to purchase the remaining 70% of the government's shares in the company for NZ$801 million via a "put and call" agreement.
[3] The final transaction involved the purchase of shares in PetroCorp by Fletcher Challenge with payment in Fletcher Challenge shares that were then sold by the government on 16 December 1993.