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Pohokura Gas Field Development proceeding


Pohokura Joint Venture

Media Statement
For Immediate Release
18 December 2002

Pohokura Gas Field Development proceeding as fast as possible

The development of the Pohokura gas field, off the coast of Taranaki, is proceeding as fast as possible, with the appraisal of the field nearing completion. Two wells are currently being drilled, one off-shore and the other from on-shore for a total cost of around $60 million. The results from this drilling campaign will provide critical information in regard to the reservoir and how best to develop the reserves.

Pohokura is a joint venture between Shell (48%), Preussag Energie (36%) and Todd Energy (16%). The partners advise that the appraisal and development programme is progressing on a fast track.

The partners are risking a huge amount of capital to bring this field on stream, and it is important that they know what the range of probable reserves is and the deliverability of the wells. Before proceeding to marketing and facilities construction however, the consenting process requires completion in addition to obtaining a petroleum mining licence, the partners said.

ENDS


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