Partners to Reach Decision on Pohokura Development by 2004

The Pohokura joint venture (consisting of Shell, OMV and Todd) have confirmed a final investment decision to develop the one billion dollar gas-condensate field project would be made no later than June 2004.

The joint venture said they had confirmed the work program proposed by the project operator Shell Todd Oil Services Ltd to achieve the investment decision. This decision would lead on to the procurement and construction stage.

The partners also reviewed the progress of the Pohokura field's development studies and the project plan.

The current target for commissioning the field and the achieving plateau gas production is mid-2006. This schedule was subject to the usual uncertainties attached to any large engineering project in the early stage of definition, the partners said.

Interest holders in the PEP 38459 Pohokura permit in New Zealand are Shell New Zealand Ltd 48%, OMV New Zealand Ltd 35.9%, and Todd Petroleum Mining Co. Ltd 16.1%.