Overseas investment decision for case 201720078 - O.G. Oil & Gas (Singapore) Pte. Ltd

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 70% of the fully paid ordinary shares of New Zealand Oil & Gas Limited (NZOG).

Through a 4% interest in the Kupe Joint Venture, NZOG has an indirect interest in 200.1677 hectares of freehold land at Lower Inaha Road, Manaia upon which the Kupe Production Station is constructed. The value of NZOG’s assets is more than $100 million.

O.G. Oil & Gas (Singapore) Pte. Ltd (OGOG) has made a partial takeover under the Takeovers Code for up to 67.55% of the ordinary shares of NZOG that it does not already hold or control.

OGOG forms part of the Ofer Global Group, which carries on business in shipping, offshore floating production, storage, and offloading platforms, commercial real state, and banking and finance, and other associated services.

The investment is likely to result in the following benefits to New Zealand:

• Creating two new jobs in the short term and, in the longer term, increasing the likelihood that the existing jobs will be retained;
• Funding or creating a training and on-going education programme for a minimum of 5 New Zealand individuals wishing to work in the New Zealand petroleum industry;
• Giving effect to Government policy expressed in the Minerals Programme for Petroleum 2013, which provides that benefit for New Zealand is best achieved by increasing New Zealand’s economic wealth through maximising the economic recovery of New Zealand’s petroleum resources; and
• Attracting an investor committed to carrying out and funding exploration and production activities.