Petroleum Corporation of New Zealand Ltd
Date established
1978
Date closed
1988
History
The Petroleum Corporation of New Zealand Ltd (Petrocorp) was established on March 30 1978, when it was registered as a Ltd liability company responsible to the Government as its shareholder and with an authorised capital of $55 million. The company, known as Petrocorp, had three subsidiaries; Offshore Mining Company Ltd, Natural Gas of New Zealand Limed (NGC) and Petroleum Corporation of New Zealand (Exploration) Ltd. The companies charter was to assume the Governments commercial activities relating to the search for oil and gas and the use of known gas reserves which previously had been the responsibility of Government departments and their associated Government agencies.
The Offshore Mining Company held a 50 percent joint venture interest in the Maui gas field and a corresponding interest in Maui Development Ltd. Its partners in the joint venture were Shell Petroleum Mining Company Ltd, BP Exploration Ltd and Todd Petroleum Mining Company Ltd. The Maui filed was developed to produce gas in terms of a contract of sale to the Crown and condensate for processing at the Marsden Point Refinery. Offshore commissioning of the Maui production station at Oaonui started in October 1978 using Kapuni product gas.
Petrocorp Exploration was responsible for the group's exploration.
The responsibility of the Natural Gas Corporation (NGC), established in November 1967 by the Natural Gas Corporation Act 1967, was to construct and operate a processing plant and pipelines to supply the market with gas from the Kapuni gas condensate field in Taranaki. The NGC became the employer and the owner of the pipeline and responsible for its operation on the completion of the project in 1970.
In 1972-1973 facilities were installed at Kapuni to recover commercial propane from the liquids stream, arising from the low temperature separator. Production capacity: 3000 tonnes per annum.
In June 1973 sales delivery of commercial propane (liquified petroleum gas )to the consortium
In 1975 the LPG recovery facilities installed and commissioned
In July 1978 the first delivery of commercial butane and in 1984 the LPG recovery facilities again expanded, installed and commissioned.
In 1980 a new subsidiary company was formed, Petrochemical Corporation of New Zealand Ltd (Petrochem) which owned the group's ammonia/urea plant and effectively control production and the marketing of the product.
In 1980 the discovery of the McKee field in North Taranaki and a new subsidiary was formed, Petralgas Chemicals New Zealand Ltd. Petralgas constructed and operated the chemical methanol plant at Waitara, 51 percent was owned by Petrocorp and the remainder of the shares held by Alberta Gas Chemicals Ltd.
In May 1983 Petrochem accepted responsibility of the Ammonia/Urea plant
In 1984 the commissioning of the new gas treatment plant at Kapuni for the supply of carbon-dioxide rich gas to the synthetic fuels plant at Motunui.
On March 1987 an announcement by the Shareholders confirming that the public issue of new Petrocorp shares would proceed later in 1987
In March 1988 Petrocorp was purchased by Fletcher Challenge Ltd, the structure of the company was Corporate, Exploration & Production, Natural Gas, Petrochemicals. WJ Falconer was Managing Director
The Offshore Mining Company held a 50 percent joint venture interest in the Maui gas field and a corresponding interest in Maui Development Ltd. Its partners in the joint venture were Shell Petroleum Mining Company Ltd, BP Exploration Ltd and Todd Petroleum Mining Company Ltd. The Maui filed was developed to produce gas in terms of a contract of sale to the Crown and condensate for processing at the Marsden Point Refinery. Offshore commissioning of the Maui production station at Oaonui started in October 1978 using Kapuni product gas.
Petrocorp Exploration was responsible for the group's exploration.
The responsibility of the Natural Gas Corporation (NGC), established in November 1967 by the Natural Gas Corporation Act 1967, was to construct and operate a processing plant and pipelines to supply the market with gas from the Kapuni gas condensate field in Taranaki. The NGC became the employer and the owner of the pipeline and responsible for its operation on the completion of the project in 1970.
In 1972-1973 facilities were installed at Kapuni to recover commercial propane from the liquids stream, arising from the low temperature separator. Production capacity: 3000 tonnes per annum.
In June 1973 sales delivery of commercial propane (liquified petroleum gas )to the consortium
In 1975 the LPG recovery facilities installed and commissioned
In July 1978 the first delivery of commercial butane and in 1984 the LPG recovery facilities again expanded, installed and commissioned.
In 1980 a new subsidiary company was formed, Petrochemical Corporation of New Zealand Ltd (Petrochem) which owned the group's ammonia/urea plant and effectively control production and the marketing of the product.
In 1980 the discovery of the McKee field in North Taranaki and a new subsidiary was formed, Petralgas Chemicals New Zealand Ltd. Petralgas constructed and operated the chemical methanol plant at Waitara, 51 percent was owned by Petrocorp and the remainder of the shares held by Alberta Gas Chemicals Ltd.
In May 1983 Petrochem accepted responsibility of the Ammonia/Urea plant
In 1984 the commissioning of the new gas treatment plant at Kapuni for the supply of carbon-dioxide rich gas to the synthetic fuels plant at Motunui.
On March 1987 an announcement by the Shareholders confirming that the public issue of new Petrocorp shares would proceed later in 1987
In March 1988 Petrocorp was purchased by Fletcher Challenge Ltd, the structure of the company was Corporate, Exploration & Production, Natural Gas, Petrochemicals. WJ Falconer was Managing Director
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