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

 


Ballance Eyes Gas Exploration As Option

13 December 2004
Media Release

Ballance Eyes Gas Exploration As Option

Statement made by Larry Bilodeau, Chief Executive,
Ballance Agri-Nutrients Ltd

Ballance Agri-Nutrients is to become involved in on shore oil and gas exploration in Taranaki in an attempt to secure future gas supplies for its Kapuni urea manufacturing plant.

The initiative is just one of a number we are taking to potentially broaden future supplies of natural gas.

Kapuni is a major user of natural gas, converting some 7 petajoules of natural gas a year into 260,000 tonnes of urea to supply New Zealand farmers with nitrogen fertiliser.

Our existing supply contracts for natural gas come to an end in mid 2006. In addition to being in ongoing discussion with gas field owners regarding future supplies, we are in a modest way also looking at becoming partially self sufficient. Our investment is under $1million which makes good commercial sense when we are seeking to protect a manufacturing investment that contributes more than $90 million in urea sales to our annual turnover.

Earlier this year we purchased the rights to an on shore exploration permit ( # 38742 ) which covers 68 sq kilometers of north and central Taranaki.

Subject to the New Zealand Government approval, Ballance will transfer a 60% working interest in the permit area to Swift Energy Company, an experienced energy partner. Swift will also become the operator of the permit and manage the permit on behalf of a newly formed Ballance Swift Joint Venture. This includes the drilling of the Karaka –A 1 well in early 2005 targeting the already productive Mt Messenger formation.

Our interest in exploration is to give us access to long term gas supplies, and one way we could achieve this is through a minority interest in a producing field.

While the licence area is well researched, it has not been subject to exploratory drilling.

Note: Swift Energy was founded in 1979 and is headquartered in Houston, Texas. It is a developer, explorer, acquirer and operator of gas and oil properties in Texas, Louisiana and New Zealand.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

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