New Zealand Gazette – 2005 – No. 199

Page 5046

✨ Financial Statements and Gas Contracts



5046

NEW ZEALAND GAZETTE, No. 199

30 NOVEMBER 2005

c) Pohokura Gas

NGC has agreed with Shell to purchase a portion of Shell's entitlements to gas from Pohokura from 1 July 2006, once the Pohokura field is commissioned, until 30 September 2007. The rates of gas able to be purchased under this contract vary over the term of the contract and NGC may purchase a total amount of up to 35 PJ of gas under this contract. The first 10 PJ of gas purchased under this contract will be credited to NGC's entitlement to 70 PJ of gas as described above under Kapuni Gas.

NGC has also agreed with Shell to purchase a further portion of Shell's entitlements to gas from Pohokura from 1 January 2007 until 30 June 2010. Delivery of such gas is dependent on Shell's share of Pohokura's daily production, but NGC will have up to 30 TJ/day available. NGC may purchase a total amount of up to 38 PJ of gas under this contract. 50% of this gas will be credited to NGC's entitlement to 70 PJ of Kapuni gas from Shell as described above.

d) IRM and Austral Pacific Gas Prepayments

NGC has agreed with the Kahili Joint Venture (Kahili JV) to purchase all the wet gas to be produced from the Kahili field. The Kahili JV comprises Austral Pacific Energy (NZ) Limited (Austral), International Resource Management Corporation (IRM) and Tap (New Zealand) Pty Limited (Tap). The volume expected is uncertain but unlikely to exceed 5 PJ. The field is currently closed for the pending technical review.

NGC has a prepayment of $1.8 million to Austral at 30 June 2005, which will be utilised for purchases of Austral's share of gas from Kahili. NGC also has a prepayment of $2.4 million to IRM at 30 June 2005 which will be utilised for purchases of IRM's share of gas from Kahili, and for purchase of IRM's share of any gas produced from the Cheal discovery in the future.

  1. Accounts Receivable

$Thousands

2005 2004
Balance Expected to be Realised:
Within One Year
Trade Debtors 7,574 2,233
Prepayments and Sundry Receivables 1,723 -
9,297 2,233
Later than One Year 6,774 -
Total Accounts Receivable 16,071 2,233

Receivables due later than one year consist of a refund for gas purchases relating to a gas supply contract with Maui Development Limited.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 199


Gazette.govt.nz — PDF NZ Gazette 2005, No 199




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Expenses, Income Tax, Gas Wholesaling, NGC

🏭 Gas Purchase Agreements with Shell for Pohokura Gas

🏭 Trade, Customs & Industry
Gas Contracts, Pohokura Field, NGC, Shell

🏭 Gas Purchase Agreements with Kahili Joint Venture

🏭 Trade, Customs & Industry
Gas Contracts, Kahili Field, NGC, Austral Pacific Energy, IRM, Tap

💰 Accounts Receivable Summary

💰 Finance & Revenue
Accounts Receivable, Trade Debtors, Prepayments, Maui Development Limited