The Commerce Commission today said it intended releasing its final determination on the application for authorisation by the end of July.

In December then Pohokura partners Shell New Zealand, Todd Energy and Preussag Energie applied for commission authorisation to enter into arrangements to jointly market and sell gas produced from the Pohokura field.

Last month Austrian industrial giant OMV announced it was buying the international exploration portfolio of Preussag Energie, including its Australian and New Zealand assets.

Today the commission detailed its timetable for the Pohokura application process, saying initial submissions would close on February 28; its draft determination would be issued on May 1; and a commission conference held on June 17-20.

The public will also be able to make submissions of the draft determination before the commission releases its final determination on July 25.

Pohokura, once touted to hold 1tcf or more of gas, is now more likely to contain about 500-600 bcf of recoverable gas, which would be enough to fuel New Zealand for two years or longer. Production from the field is scheduled to start late 2005-early 2006.