Petrocorp

Petroleum Corporation of New Zealand Limited

Company type	State-owned enterprise (1978–1987), Public (1987–1988)
Industry	Oil and gas
Founded	1978
Defunct	1988
Fate	Sold to Fletcher Challenge and integrated into Fletcher Energy division
Headquarters	New Zealand
Products	Petroleum exploration, natural gas transmission
Parent	Government of New Zealand (until 1987)

Petrocorp, officially known as the Petroleum Corporation of New Zealand Limited, was a state-owned enterprise in New Zealand created in 1978. In 1988, the Fourth Labour government divested the company, selling it to Fletcher Challenge, where it was integrated into the Fletcher Energy division.

The corporation oversaw the government's petroleum exploration efforts, playing a significant role in the development of the Maui gas field. From 1 October 1973, under a specific agreement, Petrocorp possessed a 50% interest alongside Todd Corporation, BP, and Shell in Offshore Mining Company Limited, which was responsible for extracting and marketing gas from the Maui field. Collectively, these stakeholders were referred to as the Maui Partners.

Assets

Petrocorp had full ownership of the Natural Gas Corporation, which operated gas transmission pipelines extending from Kapuni to both Auckland and Wellington, in addition to managing the Kapuni Gas Treatment Plant.

Sale

In 1987, Petrocorp underwent partial privatization by listing on the New Zealand Stock Exchange after the government sold 30% of its shares. This involved issuing new shares accounting for 30% of the company; Fletcher Challenge acquired 15% through a tender process, while the remaining shares were offered via a public float. Subsequently, on 3 March 1988, Fletcher Challenge entered into a "put and call" agreement to purchase the remaining 70% government ownership for NZ$801 million. This offer matched an earlier proposal from British Gas plc that was rejected due to conditions attached to the sale.

The deal concluded with Fletcher Challenge paying using its own shares, which were later sold by the government on 16 December 1993.

External links

• New Zealand Treasury