Applicant
Waihapa Production Services Limited
Case number(s)
201220029
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date20 March 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 49.7763 hectares of land located at Bird Road, Pukengahu, being the site of the Waihapa Production Station.
ConsiderationPart of a wider transaction the consideration for which is approximately CDN$42 million plus royalty arrangements.
ApplicantWaihapa Production Services Limited
Canadian Public (96.35%)
United States Public (2.65%)
New Zealand Public (1.0%)
VendorOrigin Energy Resources NZ (TAWN) Limited
Australian Public (98.6%)
New Zealand Public (1.1%)
Various overseas persons (0.3%)
Background

The Applicant is acquiring the land in order to own, operate and further develop the Waihapa Energy Production Station and associated energy field assets.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity, efficiencies and enhanced domestic services
17(2)(a)(v) – Additional investment for development purposes
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Promote Economic Interests

More informationRobert Bycroft/Campbell Stewart
Tompkins Wake
PO Box 258
HAMILTON