Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Crown frees gas and geothermal fields

Crown frees gas and geothermal fields for development

The Government has agreed to sell its 11 percent stake in the Kupe gas field to Genesis Power and transfer central North Island geothermal assets to Mighty River Power.

Energy Minister Pete Hodgson said selling the Crown's interest in the Kupe gas field, which is off the southern Taranaki coast, would smooth the path for the development of the field by Genesis. Genesis owns 70 percent of the field, with the remaining 19 percent held by NZ Oil and Gas Ltd.

"Genesis intends to appoint a field operator for Kupe and work towards bringing the gas onstream in 2006," Mr Hodgson said. "The Government does not intend to be commercially involved with the development of the field and a sale to Genesis will enable the company to move ahead with certainty over the ownership structure."

The price of the Crown's share is to be negotiated.

The Crown owns a number of geothermal bores, largely in the central North Island, which the Government has agreed to transfer to Mighty River Power. Currently the only major production comes from the supply of steam to the Norske Skog Tasman plant at Kawerau.

"Some of these wells, particularly those in the Kawerau geothermal field, have considerable potential for geothermal power development," Mr Hodgson said. "The Government believes that Mighty River Power is best placed to undertake this development."

The assets will be transferred to Mighty River Power at a price established with the advice of independent valuers.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>

ALSO:

Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>

ALSO:

Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news