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Agreement on Rimu Gas Transportation

26 April 2002

Natural Gas Corporation Holdings Limited (NGC) advises it has concluded agreements with Swift Energy and Genesis Power to transport gas on NGC’s high pressure gas transmission system from the newly developed Rimu field in South Taranaki to Huntly.

An interconnection agreement with Swift provides for a gas export pipeline from the Rimu production facilities to be connected with NGC’s transmission system. The gas will be transported for Genesis’ Huntly power station under a 10-year transmission services agreement with Genesis.

NGC estimated the value of these contracts at up to $10 million over their life, although this would depend on the future production capabilities of the Rimu field and the rate of uptake by Genesis.

NGC Chief Executive Officer, Mr Phil James, said NGC worked closely with gas producers on their transportation requirements and these agreements confirmed that they could have confidence in accessing NGC’s pipeline systems on fair and reasonable terms to get their product to the market.

Ends

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