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

 


Maui Joint Venture Statement on Redetermination

Maui Joint Venture Statement on Redetermination Report

The Joint Venture owners of the Maui gas field today welcomed the release of the results of the evaluation of Economic Recoverable Reserves (ERR) by the Independent Expert (IE), Netherland Sewell and Associates Inc. of Dallas, Texas.

In August 2002, the IE was appointed by the parties to the Maui gas contract to independently assess the level of Economic Recoverable Reserves of the Maui Field. This marks the culmination of more than12 months’ work under the contractual re-determination process, initiated by Maui Development Limited on behalf of the Maui Joint Venture (Shell 77.5%, Todd 12.5%, OMV 10%) in December 2001.

The Independent Expert (IE) has confirmed the previously stated view of the Maui Joint Venture that improved reservoir modelling technology, combined with recent advances in the understanding of the Maui gas reservoir, indicate that the Economic Recoverable Reserves are significantly less than was previously thought. This information will now reduce much of the recent uncertainty associated with the last years of the Maui contract.

The Maui gas contract initially provided for a 30 year term for the sale of gas to the Crown until June 2009. The remaining contract term is a function of off-take from the field and the next step will be to establish a production profile and a consequential contract end date, which is both commercially sustainable for the Maui Joint Venture owners and which will best suit the needs of the Crown and its purchasers.

The Joint Venture will not be making any further comment until the Independent Expert’s report has been fully examined.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

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>>

ALSO:

Half A Billion Accounts, Including Xtra: 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>>

ALSO:

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>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news