BHP, Fletcher join Petrocorp in licence
PA Wellington Two major Australasian companies, BHP and Fletcher-Challenge, join the New Zealand Government in one of the 16 new petroleum prospecting licences announced by the Minister of Energy (Mr Birch) yesterday. The state-owned Petrocorp, BHP (Australasia’s biggest company), and FletcherChallenge (New Zealand’s largest business), have formed Hematite Petroleum (N.Z.), Ltd. The subsidiary has gained a prospecting licence for a
block south-east of the Maui field and south of Cape Egmont - an area that has not been extensively explored. Under the terms of the licence, Petrocorp will have a 51 per cent share for 40 pc. cent of exploration costs, BHP, as operator, will take 25 per cent, and FletcherChallenge 24 per cent. . The 16 licences announced by Mr Birch cover a large area off the West Coast, stretching from near Kawhia in the North Island to north of Greymouth in the South Island.
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Press, 12 May 1981, Page 18
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150BHP, Fletcher join Petrocorp in licence Press, 12 May 1981, Page 18
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