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

 

Todd Corp sells 16% stake in Maari, Manaia oil fields

Todd Corp sells 16% stake in Maari, Manaia oil fields for US$17.6M

By Paul McBeth

Nov. 6 (BusinessDesk) - Todd Corp sold its 16 percent stake in the Maari and Manaia oil fields off the Taranaki coast to ASX-listed Horizon Oil for US$17.6 million as the country's wealthiest family continues to reshape its energy portfolio.

Sydney-based Horizon signed an agreement with Todd Maari to buy the stake in the fields, subject to working capital and purchase price adjustments, effective from Dec. 31, it said in a statement. The deal is subject to ministerial approval and Overseas Investment Office sign-off and will lift Horizon's stake in the venture to 26 percent, with operator OMV New Zealand holding 69 percent and Cue Energy with a 5 percent stake.

"We would hope that the larger interest will give Horizon Oil a greater say in the ongoing management of the fields, including reservoir management to maximise oil recovery and cost control," chief executive Brent Emmett said. "Importantly, the acquisition will meaningfully increase net operating cash flow from China and New Zealand, which we expect to average US$60 million-to-US$70 million over the next five years."

The Maari field was discovered in 1983 and came on stream in 2009 and was producing 8,840 barrels of oil a day as at Nov. 2.

The Todd's exit from Maari is the latest change in the family's energy portfolio. In April, Todd Energy bought out its joint venture partner in the Kapuni onshore oil and gas field, while selling its 50 percent share in the Shell Todd Oil Services entity which managed oil and gas brought ashore from the Maui and Pohokura fields, offshore Taranaki. A month later, Todd's Nova Energy retail unit sold its LPG business to Genesis Energy.

Todd Corp didn't immediately respond to a request for comment.

The deal will be partly-funded by Horizon's cash reserves of US$28.4 million and partly from debt. Horizon's ASX-listed shares rose 5.7 percent to 7.4 Australian cents.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: