Petrocorp
Encyclopedia
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 that corporations Fletcher Energy division.
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.
to Auckland
and Kapuni to Wellington
, and the Kapuni Gas Treatment Plant.
, 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 governments' 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.
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.
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
State-Owned Enterprise that was formed in 1978. It was sold by the Fourth Labour government
Fourth Labour Government of New Zealand
The Fourth Labour Government of New Zealand was the government of New Zealand from 26 July 1984 to 2 November 1990. It enacted major social and economic reforms, including reformation of the tax system. The economic reforms were known as Rogernomics after Finance Minister Roger Douglas...
in 1988 to Fletcher Challenge
Fletcher Challenge
Fletcher Challenge is a now defunct multinational corporation from New Zealand, formed in 1981 by the merger of Fletcher Holdings, Challenge Corporation and Tasman Pulp and Paper...
, and became that corporations Fletcher Energy division.
The company was created to undertake the Government's petroleum exploration activities and was involved in the Maui gas field
Maui gas field
The Maui natural gas field is the largest gas, natural gas condensate and oil field in New Zealand, producing nearly three-quarters of the country's hydrocarbons, as well as providing energy for electricity generation. It is located in the Tasman Sea, 35 km off the coast of Taranaki and to the...
. 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.
Assets
The corporation wholly owned the Natural Gas Corporation, which in turn owned gas transmission pipelines from KapuniKapuni
Kapuni is a small hydrocarbons field and drilling site in the North Island of New Zealand. It is located within a dairy farming area in Taranaki, south of New Plymouth....
to Auckland
Auckland
The Auckland metropolitan area , in the North Island of New Zealand, is the largest and most populous urban area in the country with residents, percent of the country's population. Auckland also has the largest Polynesian population of any city in the world...
and Kapuni to Wellington
Wellington
Wellington is the capital city and third most populous urban area of New Zealand, although it is likely to have surpassed Christchurch due to the exodus following the Canterbury Earthquake. It is at the southwestern tip of the North Island, between Cook Strait and the Rimutaka Range...
, and the Kapuni Gas Treatment Plant.
Sale
In 1987, Petrocorp became a publicly-listed company on the New Zealand Stock ExchangeNew Zealand Exchange
NZX Limited is a stock exchange located in Wellington, New Zealand. Since July 2005 it has been located in NZX Centre, the renovated Odlins building on the Wellington waterfront...
, 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 governments' 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
British Gas plc
British Gas plc was formerly the monopoly gas supplier and is a private sector in the United Kingdom.- History :In the early 1900s the gas market in the United Kingdom was mainly run by county councils and small private firms...
but rejected because of conditions requested by British Gas on the sale.
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.