NEW ZEALAND

No appeal for Pohokura as court deadline expires

The Pohokura partners have not appealed against any Commerce Commission conditions imposed on the...

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The Wellington High Court today told EnergyReview.Net that none of the companies involved - Petroleum Exploration, a joint venture between Shell Exploration NZ, Todd Petroleum Mining and OMV New Zealand, or Todd Pohokura Ltd which last week acquired an additional 9.8% interest from OMV - had filed an appeal by the 5pm deadline yesterday.

The non-filing clears the way for all partners to work together to the June 2006 development deadline, to which they have said they are all committed.

EnergyReview.Net last month predicted a disgruntled Todd Energy might appeal the commission's conditions and a few days later the partners confirmed a High Court appeal was possible, on a joint or individual basis.

The joint venture said then the June 2006 development deadline posed significant additional project risk for those parties seeking to secure project finance", believed to be only Todd.

However, commentators said Todd's behind-the-scenes bluster might be a method of exerting pressure on Shell for more favourable finance terms, as happened with the original Maui development when US Shell subsidiary Pecten International financed 100% of Todd's Maui development costs for a 50% share of its petroleum revenue.

A Commission spokesperson also confirmed no appeals had been filed.

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