New Zealand has passed new laws on offshore decommissioning
Jadestone still not over the line in New Zealand
The independent continues to face regulatory hurdles to its acquisition of the Maari project
Singapore-based independent Jadestone Energy’s acquisition of the Maari oil project in New Zealand continues to drag on, more than two years after the initial deal was signed. Jadestone has excluded Maari’s projected 4,500-4,700bl/d average output from its production guidance for this year “pending further clarity on the timing of closing the acquisition”. The independent agreed to buy a 69pc operated stake in the project from the New Zealand subsidiary of Austria’s OMV back in November 2019 for $50mn. “Jadestone and OMV both [remain] committed to the Maari transaction, [and] we are ready to work with the government to expedite the completion of this deal,” the Singapore-based firm says. New
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