Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Comments On Draft Maui Gas Redetermination Report

Contact Energy Comments On Draft Maui Gas Redetermination Report

Contact Energy Ltd confirmed today that it had received a copy of the draft report from the Independent Expert on the redetermination of entitlements to remaining gas in the Maui gas field.

“While it must be stressed that this is still a draft at this stage, the numbers in the report are broadly consistent with those compiled by our own expert advisers,” Contact’s chief executive, Mr Steve Barrett, said.

“The final report from Independent Expert will provide an estimate of expected remaining Maui economic recoverable gas reserves. This will in turn lead to an adjustment to Contact’s entitlement under its supply contract with the Crown.

“Based on present information, it appears that volume of gas for which Contact would lose a contractual purchase entitlement will be broadly offset by reductions in our on-sale obligations under downstream supply contracts.

“However, it should be stressed that it is too early to predict with certainty the impact of the redetermination process on Contact. The outcome will depend on the Independent Expert’s final determination, the volume of gas allocated to Contact, and the profile that will apply to future delivery of gas.

Mr Barrett stressed also that “the Maui redetermination process is not expected to significantly affect the availability of gas to residential and smaller commercial customers, as their total demand is relatively small compared to total current use”.

“A final report from the Independent Expert is expected early in the New Year” said Mr Barrett.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>