Shell NZ reports $190.7m profit for 2003

1.00pm

Shell's New Zealand operations posted a profit of $190.7 million for the year ended December 31, down from $220 million the year earlier, the company said today.

Shell New Zealand's Oil Products (OP) business accounted for $63.84 million, down from the $82.39 million in 2002.

The Exploration and Production (EP) business, which includes Shell's shareholding in the Maui and Kapuni gas and oil fields, contributed $130.93 million of the profit, down on the $135.61 million recorded in 2002.

Shell New Zealand Chairman Paul Zealand said the EP result highlighted the contribution that Shell's $3 billion investment in oil and gas production makes to its New Zealand operations.

The final integration of Shell's EP business was completed in 2003, following the acquisition of Fletcher Challenge Energy in 2001.

- NZPA

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