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Pohokura JV Responds To Commerce Com Decision

Pohokura JV Responds To Commerce Commission Decision

Following receipt of the decision from the Commerce Commission attaching significant conditions to its authorisation of the joint sale of gas from the Pohokura gas field, the Joint Venture parties in this project (Shell, Todd and OMV) have expressed their disappointment and concern.

"The Joint Venture parties are firmly of the view that the decision is wrong and that the attaching of significant conditions may delay development of the Pohokura project and further put at risk the supply of much needed energy to the nation.

"The Joint Venture parties believe that the decision is contrary to the overwhelming weight of legal and economic evidence, which is that joint marketing of Pohokura gas would not lessen competition. The Commission has, as a result, imposed conditions where none were required or appropriate.

"The Joint Venture believes that this decision sets an unfortunate precedent for gas production and sale in New Zealand, to the further detriment of New Zealand's already difficult energy supply situation.

"The Joint Venture parties will urgently be considering their options, and the implications of this decision for the marketing of Pohokura gas."

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