Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Sale of Crown's stake in Kupe gas field to proceed


Sale of Crown's stake in Kupe gas field to proceed

The Crown will proceed with the sale of its 11 percent share in the Kupe gas field to the state-owned electricity generator Genesis Power. The Government decided in April this year to sell to Genesis its share in Kupe, which is off the southern Taranaki coast, to facilitate the development of the field.

The sale process was suspended in May to enable the Government to receive and consider the Waitangi Tribunal’s Petroleum Report. The report recommended that the Crown's share in Kupe be available for inclusion in Treaty settlements.

Energy Minister Pete Hodgson said the Government's confirmation today that it does not agree with the Tribunal's findings and will not act on its recommendations enables the sale process to resume.

Genesis owns 70 percent of the Kupe field, with the remaining 19 percent held by NZ Oil and Gas Ltd. It is selecting a field operator and aims to bring the field into production in 2006.

"As a part owner of the field the Government would be obliged to share development costs, but it has no wish to be commercially involved," Mr Hodgson said. "The Kupe joint venture agreement gives the field's other owners first right of refusal if the Crown decides to sell. A sale to Genesis will enable the company to move ahead with development with certainty over the ownership structure."

The timing and conditions of the sale of the Crown's share to Genesis is still to be negotiated.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The US Opposition To Mortgage Interest Deductibility For Landlords


Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don't think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of political capital by giving landlords a huge $2.9 billion tax break via interest deductibility, while still preaching the need for austerity to the disabled, and to everyone else...
More


 
 

Government: Concerns Conveyed To China Over Cyber Activity
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity... More

ALSO:


Government: GDP Decline Reinforces Government’s Fiscal Plan

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says... More

ALSO:


Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.