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


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

© Scoop Media

Business Headlines | Sci-Tech Headlines


Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>