New Zealand Gazette – 2002 – No. 170

Page 4289

✨ Financial Statements



27 NOVEMBER NEW ZEALAND GAZETTE 4289

c) Gasbank II

In 1992 NGC sold its entitlements to 79.8 petajoules of the 94.1 petajoules referred to above to Fletcher Challenge for $22 million. Subsequent to this Shell Investments New Zealand Ltd (Shell New Zealand) acquired the Fletcher Challenge Ltd subsidiary and this agreement is now between Shell New Zealand and NGC. Under this agreement NGC held the right at all times to uplift all or any part of the 79.8 petajoules for the original price of $22 million plus holding costs. Furthermore, in the event of any redetermination of the Maui field resulting in a reduction in NGC’s annual contract quantities, the agreement requires that the gas entitlement is transferred back at no extra cost to NGC, in the amount by which NGC’s annual contract quantities are reduced up to a maximum of 79.8 petajoules. As at 30 June 2002 NGC had repurchased 4.8 petajoules of the 79.8 petajoules.

d) Kapuni Indemnity Gas

NGC has exercised its option to purchase up to 70 petajoules of gas from Fletcher Challenge Energy starting in 2005. This arrangement is also now held with Shell New Zealand.

  1. Accounts Receivable
$Thousands
2002
Trade Debtors 21,705
Prepayments and Sundry Receivables 388
Amounts Owing from NGC Group Companies 598
Accounts Receivable 22,691
  1. Notional Reserves

Gas Wholesaling is not a company and therefore has no share capital. Notional reserves are determined on the basis that Gas Wholesaling is fully equity funded by NGC of New Zealand Limited. Notional reserves therefore represent all funding provided to Gas Wholesaling by the NGC Group.

  1. Accounts Payable and Accruals
$Thousands
2002
Accounts Payable and Accrued Expenses 19,285
Amounts Owing to Other NGC Group Companies 525
Accounts Payable and Accruals 19,810


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 170


Gazette.govt.nz — PDF NZ Gazette 2002, No 170




✨ LLM interpretation of page content

🏭 NGC – Gas Wholesaling Activities Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Gas Wholesaling, Revenue, Expenses, Assets, Liabilities, Taxation