The company that owns the Tui oil field, off the Taranaki Coast, may be insolvent

Directors of Tamarind Taranaki, the New Zealand business of a Malaysian oil and gas producer, have posted the warning on its company website. .

Its business model is to buys oil fields late in their production life - and to assume responsibility for remediation when the field is closed.

Tamarind says its financial position has become unsustainable.

It's appointed administrators to run the company during a restructure.