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


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news