New Zealand Oil & Gas Signs Gas Supply Agreement With Incitec Pivot

Posted on 22 December 2023

  • New Zealand Oil & Gas signs a Gas Supply Agreement with Incitec Pivot Fertilisers for 0.67 Petajoules (PJ) of gas to be supplied in calendar year 2024.

New Zealand Oil & Gas Limited (ASX:NZO, NZX:NZO) is pleased to announce that it has executed a Gas Supply Agreement (GSA) with Incitec Pivot Fertilisers Limited. The GSA is for firm gas supply with take-or-pay provisions and the price reflects current market conditions. The GSA is conditional on transportation agreements.

The gas will be aggregated with gas from other Palm Valley joint venturers, Central Petroleum and Cue Energy Resources, to supply a total of 1.74 PJ.

Chief Executive Andrew Jefferies said “It is great to be supplying Incitec Pivot, supporting Australian enterprise with this most Australian energy. Gas is a three letter word for transition.” The Central Petroleum release is attached.

New Zealand Oil & Gas has a 35% participating interest, Cue Energy Resources has a 15% participating interest (New Zealand Oil & Gas owns 50.04% of Cue), and Central Petroleum (Operator) holds a 50% participating interest in the Palm Valley license.