DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Section 13(1)(c) Overseas Investment Act 2005
Decision Date7 December 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a 4% interest in the Kupe Joint Venture including a freehold interest in approximately 200.1677 hectares of land at Manaia, Taranaki.
Consideration$35,000,000
ApplicantNZOG Taranaki Limited
New Zealand Public (53.3121%)
Australian Public (18.982%)
JP Morgan Chase Bank NZ, Various (17.81%)
H & G Limited, New Zealand (8.33%)
Hong Kong Public (0.65%)
Various overseas persons (0.4949%)
Singapore Public (0.2142%)
United Kingdom Public (0.1256%)
North American Public (0.0812%)
VendorMitsui E&P Australia Pty Limited
Japanese Public (87.11%)
The Master Trust Bank of Japan, Limited, Japan (7.51%)
Japan Trustee Services Bank, Limited, Japan (5.38%)
Background

The Applicant is a New Zealand based investor that specialises in investing in oil and gas based assets.

The Applicant has previously held a 15% interest in the Kupe Joint Venture.

The investment is likely to result in the following benefits to New Zealand:

  • The investment will be largely overseen by New Zealanders with the Applicant’s main offices being located in Wellington; and
  • The Applicant and their subsidiaries have previously held a 15% interest in this asset and therefore is well versed in the requirements and responsibilities surrounding oil and gas assets in particular this asset. 
More informationDave Trueman
Simpson Grierson
PO Box 2402
WELLINGTON