New Zealand's Contact Energy Signs Gas Purchase Deal

New Zealand’s integrated energy company Contact Energy Limited on Friday announced signing of a gas purchase deal with Maui Development Limited (MDL).

In a statement to New Zealand Stock Exchange the company said it will purchase between 22 and 26 petajoules of gas over a two-to-three year period. The new agreement replaces an agreement that expired at the end of 2014.

"The new Maui agreement, together with our existing contracted gas and reserves at our Ahuroa Gas Storage facility, provides Contact with additional flexibility around the way we use gas to run our thermal power stations. It's pleasing to have reached this agreement with MDL which extends our close relationship," Contact's Chief Generation and Development Officer, James Kilty, said.

Australia’s Origin Energy is the major shareholder in Contact Energy.

Maui Development Limited (MDL) is the agent and trustee of a joint venture entered into by Shell, Todd Petroleum Mining Limited and OMV New Zealand Limited.