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


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>