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Commission grants clearance to Todd Pohokura

Media Release

Issued Tuesday 23 September 2003-04 / 038

Commission grants clearance to Todd Pohokura

The Commerce Commission has granted a clearance to Todd Pohokura Limited to acquire an additional 9.8 percent interest in Petroleum Exploration from OMV New Zealand Limited. Petroleum Exploration is a joint venture between Shell Exploration NZ Limited, Todd Petroleum Mining Company Limited and OMV New Zealand Limited.

This clearance was received as a requirement of conditions recently announced as part of the Commission’s decision to authorise the joint selling and marketing of gas from the Pohokura field off the Taranaki coast.

Commission Acting Chair Paula Rebstock said the Commission had previously investigated the potential acquisition under section 47 of the Commerce Act.

“The Commission’s investigation into the potential acquisition found that the increase in Todd’s participating interest in Pohokura did not result in a substantial lessening of competition in the market for natural gas production. The Commission specifically considered that the acquisition would not affect the likelihood and ability of any of the parties to delay development of the field,” said Ms Rebstock.

Further consideration of the acquisition through the clearance process found that there had been no change in circumstances since the investigation and subsequent finding under section 47 and therefore the Commission granted a clearance.

A copy of the Commission’s report will be made available on its website shortly.

Commission media releases can be viewed on its web site www.comcom.govt.nz

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