|Date||1 June 2007|
|Offeror/applicant||Kupe Joint Venture|
|Ultimate applicant beneficial ownership||45.05 percent - Australia, Australian Public|
31 percent - New Zealand, Genesis Power Limited
15 percent - New Zealand, New Zealand Public
4 percent - Japan, Mitsui & Co. Limited
2.275 percent - United States of America, United States Public
1.45 percent - United Kingdom, United Kingdom Public
1.225 percent - Various, Unknown Overseas Persons
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||54 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Bourke (Edward Michael) and Bourke Family Trust of New Zealand|
|Business activities||Electricity, Gas & Water Supply - Electricity & Gas Supply|
Agriculture - Dairy Farming
|Details of land involved||169.5128 hectares of freehold situated at Inaha Road, Manaia, Taranaki being CTs TNE1/883, TN184/9, TN184/8, TNB4/1252, TNF2/1024, TNF1/189 and TNF1/188 (Taranaki Registry).|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.
The Kupe Joint Venture was formed to carry out exploration for, and development and production of, petroleum within the area specified by Petroleum Mining Licence (PML) 38146 which includes the Kupe gas field, situated 30 kilometres off the South Taranaki coast. Development and production is now the primary focus of the Kupe Joint Venture. The development is known as the Kupe Gas Project.
New Zealand's demand for gas has been met primarily by the Maui gas field for the past 25 years. The Kupe field was discovered in 1986 but has remained undeveloped largely due to the abundant gas flowing from Maui making the development of Kupe uneconomic. However, with the redetermination of the Maui gas reserves and the rapid increase in domestic gas demand for electricity generation, the development of the gas field is now both economical and vital in meeting New Zealand's energy needs.
On 30 August 2006, the Kupe Joint Venture was granted consent (A200620026/D200620036) to acquire 123.7327 hectares of land situated at Inaha Road, RD11, Hawera to conduct and operate a gas production station (Production Station) to convert the petroleum recovered from the Kupe gas field into its usable forms - natural gas, condensate and liquified petroleum gas (LPG). That investment involved the acquisition of 30.6549 hectares from Edward Michael Bourke (Bourke) and the acquisition of 93.0778 hectares from Wayne Ernest and Glenda May Scott (Scott). The Production Station required approximately 20 hectares of land and was to be constructed on the land acquired from Bourke. The Kupe Joint Venture on-sold the Scott land to Mr Bourke to enable Mr Bourke to continue his dairy farming business.
Due to a change in the design of the Production Station, the Kupe Joint Venture now proposes to acquire the subject land from Mr Bourke. The land proposed to be acquired by the Kupe Joint Venture includes land that was always held by Mr Bourke, in addition to the land that was acquired by the Kupe Joint Venture from the Scotts and on-sold to Bourke.
Part of the land proposed to be acquired is required for the construction and operation of the Production Station. In addition, the change in design and the increasing size of the Production Station makes it desirable to increase the buffer zone surrounding the Production Station.
The proposal is likely to result in the following benefits:
|Contact||Chris Gordon/James Martin|
P O Box 1291