Petrocorp

Last updated

Petrocorp
Industry Oil and gas
Founded1978
Parent Fletcher Challenge

Petrocorp, formally the Petroleum Corporation of New Zealand Limited, is a former New Zealand state-owned enterprise that was formed in 1978. It was sold by the Fourth Labour government in 1988 to Fletcher Challenge and became the Fletcher Energy group.

Contents

The company was created to undertake the government's petroleum exploration activities and was involved in the Maui gas field. Through an agreement formed on 1 October 1973 Petrocorp became a 50% owner, with Todd Corporation, BP and Shell of the Offshore Mining Company Limited which developed and then sold gas from the Maui field. These companies became known as the Maui Partners. [1]

Assets

The corporation wholly owned the Natural Gas Corporation, which, in turn, owned gas transmission pipelines from Kapuni to Auckland and Kapuni to Wellington, and the Kapuni Gas Treatment Plant. [2]

Sale

In 1987, Petrocorp became a publicly-listed company on the New Zealand Stock Exchange, due to a 30% share sell down by the government. Petrocorp issued new shares that represented 30% of the total shares in the company, and 15% were sold by tender to Fletcher Challenge with the remainder offered via a share float. On 3 March 1988, Fletcher Challenge agreed to purchase the remaining 70% of the government's shares in the company for NZ$801 million via a "put and call" agreement. This was the same price previously offered by British Gas plc but rejected because of conditions requested by British Gas on the sale. [3]

The final transaction involved the purchase of shares in PetroCorp by Fletcher Challenge with payment in Fletcher Challenge shares that were then sold by the government on 16 December 1993. [4]

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References

  1. ↑ "The Maui Gas Contract - A Brief History". Bell Gully. March 1998. Archived from the original on 28 September 2007. Retrieved 24 August 2007.
  2. ↑ "Gas Control Inquiry". New Zealand Ministry of Economic Development. 29 November 2004. Retrieved 28 August 2007.
  3. ↑ "COMPANY NEWS; New Zealand Deal". New York Times . 4 March 1998. Retrieved 24 August 2007.
  4. ↑ "New Zealand Government Asset Sales as at 30 September 1999". New Zealand Treasury. Archived from the original on 28 September 2007. Retrieved 24 August 2007.
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