Yahoo/Dow Jones Newswires: NZ Watchdog Says May Revoke Pohokura Gas Marketing Deal-2: “Commission Chair Paula Rebstock said that Shell Exploration New Zealand and OMV New Zealand have informed the commission in April this year that the parties have decided to market gas from the field separately.” (ShellNews.net)

Thursday September 30

WELLINGTON (Dow Jones)--New Zealand's Commerce Commission Thursday said it is considering revoking its decision to approve a joint marketing deal between four companies to sell gas produced from the North Island's Pohokura gas field.

The Commission said that a material change in circumstances may have occurred since the approval was granted in September last year.

Commission Chair Paula Rebstock said that Shell Exploration New Zealand and OMV New Zealand have informed the commission in April this year that the parties have decided to market gas from the field separately.

The other parties to the original deal that received approval from the commission are Todd Ltd. and Shell Petroleum Mining Co.

"On the face of it, this represents a material change in the circumstances around which the commission determined to authorize the proposed anticompetitive arrangement, and on this basis, the commission is considering a possible revocation of its decision," Rebstock said.

Rebstock said the commission is inviting interested parties to make their submissions on whether revoking the deal is appropriate or not.

Rebstock also noted the original deal was approved because it was considered that a joint marketing deal would bring about earlier production from the field.

-Wellington Bureau, Dow Jones Newswires; 64-4-471-5990; djnews.wellington@dowjones.com

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