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sg.biz.yahoo.com: Shell New Zealand Approves Pohokura Gas Field

sg.biz.yahoo.com: Shell New Zealand Approves Pohokura Gas Field

Edited Press Release

Wednesday June 30, 5:56 PM

LONDON (Dow Jones)–Shell New Zealand said Wednesday that it has formally given the green light to the development of the Pohokura gas field, when it signed off the Final Investment Decision (FID).

Shell New Zealand Exploration and Production Commercial Manager Ajit Bansal said Shell was still anticipating first gas to flow from Pohokura in mid 2006.

“We are confident that the project is on track to deliver first gas in mid 2006. Given New Zealand’s critical need for more gas, Shell is very aware that Pohokura needs to be up and running in a timely manner”, he said.

The three Pohokura Joint Venture Partners are Shell New Zealand, OMV New Zealand and Todd Pohokura Ltd.

Shell owns 48% of the shares in the Pohokura field. OMV New Zealand and Todd Pohokura Ltd own 26% each. The Pohokura field is being developed on behalf of the Joint Venture by Shell Todd Oil Services.

The Pohokura field was discovered in early 2000.

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