By Phil Boeyen, ShareChat Business News Editor
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Thursday 28th March 2002 |
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Under the deal with the oil giant Genesis Power has acquired a further 20% interest to take its total to 70% while NZ Oil & Gas has taken a further 2.5% stake to lift its holding to 19%. The Crown has 11%.
Shell New Zealand chairman, Lloyd Taylor, says both Genesis Energy and NZOG are substantial players in New Zealand's energy industry.
"Shell is pleased that our remaining interest in the Kupe field has been sold to two companies who have a strong commitment to New Zealand's energy future.
"The sale simplifies the Kupe joint venture ownership structure. As a result, it increases the likelihood of development of the field in the near term."
Dr Taylor has also confirmed the sale of Shell's remaining holding in the Ngatoro field to Greymouth Petroleum, which concludes the sale of Shell's near 60% share in Ngatoro. Completion of this sale is expected in the near future
Shell says it has now sold all onshore and offshore assets required of it by the Commerce Commission when it bought Fletcher Challenge Energy last year, with the exception of 10% of Maui and two small gas wholesaling companies, Fletcher Challenge Gas Investments and Kapuni Gas Contracts.
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