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.
| Industry | Oil and gas |
|---|---|
| Founded | 1978 |
| Parent | Fletcher Challenge |
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
editThe 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
editIn 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]
References
edit- ^ "The Maui Gas Contract - A Brief History". Bell Gully. March 1998. Archived from the original on 28 September 2007. Retrieved 24 August 2007.
- ^ "Gas Control Inquiry". New Zealand Ministry of Economic Development. 29 November 2004. Retrieved 28 August 2007.
- ^ "COMPANY NEWS; New Zealand Deal". New York Times. 4 March 1998. Retrieved 24 August 2007.
- ^ "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.