26 April, 2002 – New Zealand power companies Swift Energy and Genesis Power concluded today a ten-year gas transport deal with Natural Gas Corporation (NGC) at a cost of NZ$10m ($7.3m).
The gas will be transported by NGC using its high pressure gas transmission system from the newly developed Rimu field in South Taranaki to Huntly.
Swift has entered into an interconnection agreement that allows for a gas export pipeline from the Rimu production facilities to be connected with NGC’s transmission system.
The gas will be transported for Genesis’ Huntly power station under a transmission services agreement with state-owned Genesis, NGC said in a statement.
“NGC estimated the value of these contracts at up to NZ$10 million over their life, although this would depend on the future production capabilities of the Rimu field and the rate of uptake by Genesis.”
Shares in NGC, 66 percent owned by The Australian Gas Light Co, last traded up one cent at NZ$1.09.