Friday 3rd August 2012 |
Text too small? |
The joint owners of some of New Zealand's largest oil and gas fields, Shell New Zealand and Todd Energy, are in dispute over non-payment for services provided for work on the Maui, Pohokura, and Kapuni fields.
Companies Office records show Shell Todd Oil Services (STOS), a shell company that sits atop the long-standing partnership, was carrying a contingent liability at Dec. 31 for an unresolved dispute relating to work programmes and budgets for all three fields.
The notes say these have "not been approved and accordingly some JV parties have declined to pay cash calls relating to aspects of the SIEP (Shell International Exploration and Production) charges."
Included in the dispute are issues relating to global technical services, some information technology charges, global support services, regional support services, and regional cross charges.
"The dispute between the parties remains open and includes a difference of views between the parties about the nature and extent of the obligations of STOS to SIEP," the notes say. "The potential impact on the company is indeterminate as at the date of this report."
It appears the issue remains live, with a spokesperson for Shell declining to discuss the issues, citing commercial confidentiality, and a Todd spokesperson referring all questions to the fields' operator, Shell. Exploration New Zealand (SENZL).
Under the contracts governing Pohokura, STOS provides services to SENZL.
BusinessDesk.co.nz
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes