The widely anticipated move was announced by the Wellington-based commission today.
New Zealand's Commerce Act prohibits competitors agreeing to work together in a way that reduces competition. However, the act does allow for authorisation of potentially anti-competitive business practices if the public benefit outweighs the detriment to competition.
The commission said the Pohokura partners Preussag Energie, Shell Exploration and Todd Petroleum Mining had applied for commission authorisation to enter into arrangements to jointly market and sell gas produced from the Pohokura field.
The act sets no deadline for the commission to consider such authorisations of a potentially anti-competitive practice and public notices, asking for submissions, will be published shortly.
Industry commentators said the commission announcement did not surprise them. "This was totally expected, it makes total sense for the partners to jointly sell and market Pohokura gas," said one commentator.
