The oil and gas exploration regulator said it was still considering a deal to transfer the Mari fields from OMV to Jadestone Energy. withdrew their application.
New Zealand Petroleum and Mineral Resources (NZP&M) National Manager Susan Barth said no decision had been made on the transfer of the oil fields off Taranaki.
“NZP&M was evaluating the application under the Crown Minerals Act 1991 and a decision was still pending when both parties withdrew the application.”
Bass said Mari is a late-life asset and as such requires a thorough evaluation.
“During the evaluation period, the Crown Minerals (Decommissioning and Other Matters) Amendment Act was passed, which necessitated a reassessment of some aspects of the application in accordance with the new legislation.”
According to Bass, no timeline was set for the application’s processing.
“NZP&M has been actively working with Jadestone and OMV on these applications and provided clear and consistent information on the new legal requirements.
“This was a commercial decision made by OMV and Jadestone.”
In announcing the decision, Paul Blakeley, president and CEO of Jadestone, said delays in obtaining regulatory approval and the resulting uncertainty caused the $50 million deal to fall through. .
“Three years later, we have provided all kinds of comprehensive decommissioning security arrangements over the years, including parent company guarantees, bank guarantees and even bond cash.
“And despite new legislation holding OMV accountable, we have been unable to discuss or come to an agreement with the government.”
https://www.rnz.co.nz/news/business/478399/decision-to-terminate-maari-deal-commercial-nz-petroleum-and-minerals Decision to terminate Maari trading commercial – NZ Petroleum & Minerals