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EnergyReview.Net earlier this month reported on rumours that Todd Energy and OMV were planning a deal involving acquiring or selling stakes in Pohokura and probably the McKee and Mangahewa fields.
However, ERN now understands Todd Energy isn't going to tamper with its 100% stakes in the onshore McKee and Mangahewa fields, preferring instead to concentrate on upping its interest in the possible 1tcf Pohokura gas field.
It is believed Todd Energy has wanted to increase its stake in Pohokura since it "missed out" on the 3.667% Shell New Zealand last year sold to fellow Pohokura partner Preussag Energie as part of Shell's divestment program to satisfy Commerce Commission concerns about its purchase of Fletcher Challenge Energy.
Then last January Vienna-headquartered OMV announced it was to buy the worldwide assets of Germany's Preussag Energie, including Preussag's 35.86% stake in Pohokura, plus interests in onshore Taranaki licences PEPS38716, 728 and 744.
Though Todd decided against exercising its pre-emptive Pohokura rights when OMV announced its intention to buy OMV, rumours still have Todd planning a substantial purchase of Pohokura equity to lift its interest from the present 16.14% to about 26%.
And last week's completion by OMV of the purchase of Preussag Energie New Zealand has opened up the way for OMV and Todd Energy to negotiate directly.
OMV New Zealand spokesman (and former Preussag NZ vice-president) David Salisbury has declined to comment while Todd's chief executive, Richard Tweedie, will neither confirm nor deny any proposals.
"There is nothing certain, but if and when there may be something, I assure you I will let you know," he told EnergyReview.Net.
It is known the parties are obliged to inform Crown Minerals of any definite deals involving equity changes in petroleum exploration or mining permits. However, that may be weeks after any signing of contracts.
OMV now regards New Zealand as a core operating arena and believes its exploration interests, particularly Pohokura, should generate substantial sustained growth.
