Pan Pacific Petroleum has abandoned plans to sell its assets which includes the Tui oil project in New Zealand.

It was seeking offers.

But Zeta Energy which holds 46 percent shares in Pan Pacific says it does not support the board's decision to seek offers for the purchase of all Pan Pacific assets.

Chief executive Tom Prudence says as a consequence it's impractical to undertake the asset sale process as had been intended.

He says they will not be actively pursuing it now.