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The potential for a new massive gas field off South Island’s east coast could create 5,700 jobs and bring in $32 billion in royalties, New Zealand Oil & Gas has said.
The company said earlier this year the Barque prospect holds potentially more gas than previously thought, but the project has drawn strong criticism from environmental groups.
On Monday, the company released a report showing it had the potential to add 7.1 billion New Zealand dollars (€4.19 billion) annually to the national economy, and $32 billion (€18.9 billion) in royalties and taxes over the life of the field. The field could virtually double New Zealand’s oil and gas production, chief executive Andrew Jefferies said.
NZOG has until April next year to make a decision to drill a well and until 2020 to actually do so. The company has recently been subject to two partial takeover bids, with the higher bid coming from Singapore-based OG Oil & Gas.
The company, whose parent is based in Monaco, is chaired by Eyal Ofer – son of shipping magnate Sammy Ofer – and is looking to buy up to 67.55 per cent of the NZOG shares it does not already hold for a price of 78 cents.
OG Oil & Gas currently holds just under 18 percent of the company after NZOG’s second biggest shareholder, H&G – the investment arm of the Cushing family – committed its 9.2 percent stake. Ofer’s offer closes on December 9 unless extended. OG Oil & Gas has said that unlike its rival, Zeta Energy, it wants to push its exploration rights further.
Speaking ahead of his home Grand Prix this weekend, Ferrari’s Charles Leclerc says that he believes the “poor luck” he has experienced in Monaco, and more recently in Barcelona, will turn around.
With the season over, the focus of fans and of sporting directors across Europe has turned to the upcoming transfer window, which is already whirring into action.
An advanced premier screening of the new documentary film on legendary Formula 1 driver Sir Jackie Stewart saw both the man himself and Prince Albert II in attendance at One Monte-Carlo.
Decisions taken by the Automobile Club of Monaco (ACM) back in January, when the evolution of the pandemic was unclear, will impact this weekend’s Monaco Grand Prix, notably meaning no fan zones.