Contents:

1 2 1.1 List of Tables 9 1.2 List of Figures 11 2 New Zealand Energy Sector 12 2.1 New Zealand Energy Sector, Market Overview 12 2.2 New Zealand Energy Sector, Crude Oil 13 2.2.1 New Zealand Crude Oil, Overview 13 2.2.2 New Zealand Crude Oil, Supply and Demand Balance 13 2.2.3 New Zealand Crude Oil, Regulatory Structure 19 2.2.4 New Zealand Crude Oil, Infrastructure 20 3 New Zealand Fiscal Regime 21 3.1 New Zealand Petroleum Fiscal Environment 21 3.2 License Terms 21 3.3 Key Fiscal Terms 23 3.4 Sample Cashflows Calculations 26 4 New Zealand Oil Upstream Investment Environment Benchmarking 27 4.1 Introduction 27 4.2 The Overall Ranking 27 4.3 Upstream Fiscal Attractiveness 28 4.3.1 Maximum Government Take Index 29 4.3.2 Maximum State Participation 29 4.4 Oil Sector Performance 30 4.4.1 Exploration Activity 32 4.4.2 Oil Production 33 4.4.3 Oil Reserves 33 4.4.4 Oil Consumption 34 4.4.5 Refining Industry 34 4.5 Economic Performance 34 4.5.1 GDP Growth Index 36 4.5.2 FDI Confidence Index 36 4.5.3 Balance of Trade Index 37 4.6 Socio-Political Performance 37 4.6.1 Democracy Index 39 4.6.2 Governance Index 39 5 New Zealand Exploration and Production Sector 40 5.1 New Zealand Exploration and Production Sector, Country Snapshot 40 5.1.1 New Zealand Exploration and Production Sector, Key Data 40 5.1.2 New Zealand Exploration and Production Sector, Crude Oil Assets Map 40 5.2 New Zealand Exploration and Production Sector, Gross Crude Oil Production 41 5.2.1 New Zealand Exploration and Production Sector, Gross Crude Oil-Historical Production 41 5.2.2 New Zealand Exploration and Production Sector, Gross Crude Oil Production by Assets 42 5.2.3 New Zealand Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 43 5.2.4 New Zealand Exploration and Production Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 44 5.3 New Zealand Exploration and Production Sector, Gross Crude Oil Forecasts 46 5.3.1 New Zealand Exploration and Production Sector, Gross Crude Oil Forecasted Production 46 5.4 New Zealand Exploration And Production Sector, Crude Oil Asset Details 47 5.4.1 New Zealand Exploration And Production Sector, Active Crude Oil Asset Details 47 5.4.2 New Zealand Exploration And Production Sector, Planned Crude Oil Asset Details 47 6 New Zealand Pipeline Sector 48 6.1 New Zealand Pipeline Sector, Key Data 48 6.2 New Zealand Pipeline Sector, An Overview 48 6.3 New Zealand Pipeline Sector, Comparision of Key Crude Oil Pipeline Companies 48 6.4 New Zealand Pipeline Sector, Comparision of Key Petroleum Product Pipeline Companies 49 6.5 New Zealand Pipeline Sector, Crude Oil Pipelines 49 6.6 New Zealand Pipeline Sector, Petroleum Product Pipelines 49 7 New Zealand Refining Sector 50 7.1 New Zealand Refining Sector, Key Data 50 7.2 New Zealand Refining Sector, An Overview 50 7.2.1 New Zealand Refining Sector, Total Refining Capacity 50 7.3 New Zealand Refining Sector, Capacity- Wise Market Share by Company 51 7.4 New Zealand Refining Sector, Crude Distillation Unit Capacity 53 7.5 New Zealand Refining Sector, Hydrocracking Capacity 53 8 New Zealand Oil and Chemicals Storage Sector 54 8.1 New Zealand Oil and Chemicals Storage Sector, Key Data 54 8.2 New Zealand Oil and Chemicals Storage Sector, An Overview 54 8.2.1 New Zealand Oil and Chemicals Storage Sector, Total Storage Capacity 54 8.3 New Zealand Oil and Chemicals Storage Sector, Capacity-Wise Market Share By Company 56 8.4 New Zealand Oil and Chemicals Storage Sector, Storage Capacity 57 9 Profile of Royal Dutch Shell Plc 58 9.1 Royal Dutch Shell Plc, Key Information 58 9.2 Royal Dutch Shell Plc, Company Overview 58 9.3 Royal Dutch Shell Plc, Business Description 58 9.3.1 Royal Dutch Shell Plc, Business Description, Overview 58 9.3.2 Royal Dutch Shell Plc, Business Description, Chemicals 59 9.3.3 Royal Dutch Shell Plc, Business Description, Corporate and Others 60 9.3.4 Royal Dutch Shell Plc, Business Description, Exploration and Production 60 9.3.5 Royal Dutch Shell Plc, Business Description, Gas and Power 62 9.3.6 Royal Dutch Shell Plc, Business Description, Oil Products 64 9.3.7 Royal Dutch Shell Plc, Business Description, Oil Sands 65 9.4 Royal Dutch Shell Plc, Value Chain Analysis 67 9.4.1 Royal Dutch Shell Plc, Value Chain Analysis, Upstream 67 9.4.2 Royal Dutch Shell Plc, Value Chain Analysis, Midstream 68 9.4.3 Royal Dutch Shell Plc, Value Chain Analysis, Retail 69 9.4.4 Royal Dutch Shell Plc, Value Chain Analysis, Power Generation 69 9.4.5 Royal Dutch Shell Plc, Value Chain Analysis, Transformation 70 9.5 Royal Dutch Shell Plc, SWOT Analysis 71 9.5.1 Royal Dutch Shell Plc, SWOT Analysis, Overview 71 9.5.2 Royal Dutch Shell Plc, SWOT Analysis, Strengths 71 9.5.3 Royal Dutch Shell Plc, SWOT Analysis, Weaknesses 72 9.5.4 Royal Dutch Shell Plc, SWOT Analysis, Opportunities 73 9.5.5 Royal Dutch Shell Plc, SWOT Analysis, Threats 74 9.6 Royal Dutch Shell Plc, Revenue Analysis 75 9.6.1 Royal Dutch Shell Plc, Revenue by Segment 75 9.6.2 Royal Dutch Shell Plc, Revenue by Geography 76 9.7 Royal Dutch Shell plc, Financial and Operational Review 77 9.7.1 Financial Statements 77 9.7.2 Financial Ratios 78 10 Profile of OMV Aktiengesellschaft 79 10.1 OMV Aktiengesellschaft, Key Information 79 10.2 OMV Aktiengesellschaft, Company Overview 79 10.3 OMV Aktiengesellschaft, Business Description 79 10.3.1 OMV Aktiengesellschaft, Business Description, Business Overview 79 10.3.2 OMV Aktiengesellschaft, Business Description, Exploration and Production 79 10.3.3 OMV Aktiengesellschaft, Business Description, Gas and Power 81 10.3.4 OMV Aktiengesellschaft, Business Description, Refining and Marketing 82 10.3.5 OMV Aktiengesellschaft, Business Description, Major Products and Services 83 10.4 OMV Aktiengesellschaft, Value Chain Analysis 85 10.4.1 OMV Aktiengesellschaft, Value Chain Analysis, Upstream 85 10.4.2 OMV Aktiengesellschaft, Value Chain Analysis Midstream 86 10.4.3 OMV Aktiengesellschaft, Value Chain Analysis, Downstream 87 10.4.4 OMV Aktiengesellschaft, Value Chain Analysis Retail 87 10.5 OMV Aktiengesellschaft, SWOT Analysis 87 10.5.1 OMV Aktiengesellschaft, SWOT Analysis, Overview 87 10.5.2 OMV Aktiengesellschaft, SWOT Analysis, Strengths 88 10.5.3 OMV Aktiengesellschaft, SWOT Analysis, Weaknesses 89 10.5.4 OMV Aktiengesellschaft, SWOT Analysis, Opportunities 89 10.5.5 OMV Aktiengesellschaft, SWOT Analysis, Threats 90 10.6 OMV Aktiengesellschaft, Revenue Analysis 90 10.6.1 OMV Aktiengesellschaft, Revenue by Segment 90 10.6.2 OMV Aktiengesellschaft, Revenue by Geography 91 10.7 OMV Aktiengesellschaft, Financial and Operational Review 93 10.7.1 Financial Statements 93 10.7.2 Financial Ratios 94 11 Profile of Mitsui & co.,Ltd. 95 11.1 Mitsui & co., Ltd., Key Information 95 11.2 Mitsui & co., Ltd., Company Overview 95 11.3 Mitsui & co.,Ltd., Business Description 95 11.3.1 Mitsui & co.,Ltd., Business Description, Business Overview 95 11.3.2 Mitsui & co., Ltd., Business Description, Chemical 96 11.3.3 Mitsui & co., Ltd., Business Description, Consumer Service & IT 97 11.3.4 Mitsui & co., Ltd., Business Description, Energy 98 11.3.5 Mitsui & co., Ltd., Business Description, Foods & Retail 99 11.3.6 Mitsui & co., Ltd., Business Description, Iron & Steel Products 100 11.3.7 Mitsui & co., Ltd., Business Description, Logistics & Financial Markets 102 11.3.8 Mitsui & co., Ltd., Business Description, Machinery & Infrastructure Projects 103 11.3.9 Mitsui & co., Ltd., Business Description, Mineral & Metal Resources 104 11.3.10 Mitsui & co., Ltd., Business Description, Major Products and Services 105 11.4 Mitsui & co., Ltd., Value Chain Analysis 107 11.4.1 Mitsui & co., Ltd., Value Chain Analysis, Upstream 108 11.4.2 Mitsui & co., Ltd., Value Chain Analysis, Midstream 108 11.4.3 Mitsui & co., Ltd., Value Chain Analysis, Downstream 109 11.4.4 Mitsui & co., Ltd., Value Chain Analysis, Retail 109 11.5 Mitsui & co., Ltd., SWOT Analysis 110 11.5.1 Mitsui & co., Ltd., SWOT Analysis, Overview 110 11.5.2 Mitsui & co., Ltd., SWOT Analysis, Strengths 110 11.5.3 Mitsui & co., Ltd., SWOT Analysis, Weaknesses 111 11.5.4 Mitsui & co., Ltd., SWOT Analysis, Opportunities 112 11.5.5 Mitsui & co., Ltd., SWOT Analysis, Threats 112 11.6 Mitsui & co., Ltd., Revenue Analysis 113 11.6.1 Mitsui & co., Ltd., Revenue by Segment 113 11.6.2 Mitsui & co., Ltd., Revenue by Geography 115 11.7 Mitsui & co., Ltd., Financial and Operational Review 116 11.7.1 Financial Statements 116 11.7.2 Financial Ratios 117 12 Financial Deals Landscape 118 12.1 Detailed Deal Summary 118 12.1.1 Equity Offerings 118 12.1.2 Debt Offerings 123 12.1.3 Partnerships 124 12.1.4 Asset Transactions 125 13 Recent Developments 133 13.1 License Rounds 133 13.1.1 Dec 10, 2008: New Zealand Opens Bidding For Oil Exploration In Raukumara Field And Northland Basin 133 13.2 License Awards 133 13.2.1 Mar 20, 2009: New Zealand Oil & Gas Wins Exploration Permit In Taranaki Basin, New Zealand 133 13.2.2 Feb 03, 2009: LMP Receives Second Five-Year Term For PEP 38226 (Waiau) At Western Southland Basin, New Zealand 134 13.2.3 Jan 28, 2009: NZOG Wins New Taranaki Exploration Permit 135 13.3 Strategy and Business Expansion 136 13.3.1 Jan 30, 2009: PXP Surrenders Permit PEP 38344 In East Coast Basin, Offshore New Zealand 136 13.3.2 Dec 08, 2008: KEA Wants To Look For Oil At Kaipara Harbour In New Zealand 136 13.4 Drilling and Production Updates 137 13.4.1 Mar 23, 2009: Horizon Oil Updates On MR3P8 And MR4P9 Wells At Maari Oil Field In PMP 38160, New Zealand 137 13.4.2 Mar 11, 2009: Horizon Oil Updates On Maari Oil Field In Offshore Taranaki Basin, New Zealand 138 13.4.3 Mar 10, 2009: Origin Energy To Drill Two Gas Prospects At Offshore Auckland, New Zealand In Late 2009 138 13.4.4 Mar 02, 2009: L&M Petroleum To Start Drilling Operations At PEP 38226 And PEP 38238 In New Zealand 139 13.4.5 Feb 25, 2009: Horizon Oil Announces First Oil Flow From Maari Field In New Zealand 140 13.4.6 Feb 18, 2009: Chartwell Energy Spuds Matata-1C Well In PEP50280 In Waikato Region, New Zealand 141 13.4.7 Feb 15, 2009: Austral Pacific Updates Reserves 142 13.4.8 Feb 13, 2009: TAG Updates On Cheal Oil Pool, Onshore Taranaki Basin, New Zealand 142 13.4.9 Jan 27, 2009: OMV Completes Drilling MR3P8 Well In Taranaki Basin, New Zealand 143 13.4.10 Jan 27, 2009: Tui Fields Produce 20 Millionth Barrel Of Oil 144 13.4.11 Jan 23, 2009: Horizon Updates On Maari Oil Field In New Zealand 145 13.4.12 Jan 21, 2009: Tui Oil Field Partners Plan 2009 Drilling Campaign 145 13.4.13 Jan 14, 2009: LMPs Laboratory Testing Confirms Goodwin-1 CSG Potential In New Zealand 147 13.4.14 Jan 08, 2009: NZOG Updates On Tui Oil Field In Taranaki Basin, New Zealand 147 13.4.15 Dec 18, 2008: OMV Updates On Maari Oil Field In New Zealand 148 13.4.16 Dec 15, 2008: NZOG To Increase Exploration Activities In Canterbury And Taranaki Basins, New Zealand In 2009 149 13.4.17 Dec 09, 2008: Rawson Begins Work At Taranaki Basin In New Zealand 150 13.4.18 Dec 02, 2008: LMP To Run Wireline Logs At Wairaki -1 CSG Well In PEP 38238, New Zealand 151 13.4.19 Nov 24, 2008: Horizon Provides Drilling Update On Maari Oil Field In New Zealand 151 13.5 Financial Announcements 152 13.5.1 Feb 18, 2009: Vector Reports H1 Fiscal 2009 Results 152 13.6 Other Significant Developments 154 13.6.1 Feb 02, 2009: Pan Pacific Provides Q4 2008 Operations Update 154 13.6.2 Jan 30, 2009: NZOG Provides Q2 2008 Operational Update 156 13.6.3 Dec 11, 2008: Xtract Provides Operational Update 157 14 Appendix 159 14.1 Methodology 159 14.1.1 Coverage 160 14.1.2 Secondary Research 161 14.1.3 Primary Research 161 14.1.4 E&P Forecasts 161 14.1.5 Midstream Forecasts 163 14.1.6 Expert Panel Validation 163 14.2 Contact Us 163 14.3 About Us 163 14.4 Disclaimer 163 Executive Summary 1.1 List of Tables Table 1: New Zealand, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 14 Table 2: New Zealand, Historical and Forecasted Exports and Imports of Crude Oil, 1996-2020 16 Table 3: New Zealand, Historical Reserves of Crude Oil, 1996-2008 18 Table 4: Asia Pacific, Investment Benchmarking, Overall Country Rankings, 2008 27 Table 5: Asia Pacific, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 28 Table 6: Asia Pacific, Investment Benchmarking, Oil Sector Performance, 2008 30 Table 7: Asia Pacific, Investment Benchmarking, Economic Performance, 2008 35 Table 8: Asia Pacific, Country Standings, Economic Performance, 2008 35 Table 9: Asia Pacific, Investment Benchmarking, Socio-Political Performance, 2008 37 Table 10: Asia Pacific, Country Standings, Socio-Political Performance, 2008 38 Table 11: New Zealand, Crude Oil Key Statistics, 2008 40 Table 12: New Zealand, Total Gross Crude Oil Production (MMBBLs), 2001-2008 41 Table 13: New Zealand, Gross Crude Oil Production (MMBBLs), by Assets, 2001-2008 42 Table 14: New Zealand, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2001-2008 43 Table 15: New Zealand, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 44 Table 16: New Zealand, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2014 46 Table 17: New Zealand, Active Oil Field Assets Details 47 Table 18: New Zealand, Planned Oil Field Assets Details 47 Table 19: New Zealand, Pipeline Key Statistics, 2008 48 Table 20: New Zealand, Crude Oil Pipeline Length by Company (Km), 2008 48 Table 21: New Zealand, Petroleum Product Pipeline Length by Company (Km), 2008 49 Table 22: New Zealand, Crude Oil Pipelines, 2008 49 Table 23: New Zealand, Petroleum Product Pipelines, 2008 49 Table 24: New Zealand, Refinery Key Statistics, 2008 50 Table 25: New Zealand, Total Refining Capacity (MMTPA), 2000- 2013 50 Table 26: New Zealand, Refining Capacity Company-wise (MMTPA), 2000-2013 51 Table 27: Asia-Pacific, Crude Distillation Unit Capacity in New Zealand (MMTPA), 2000-2013 53 Table 28: Asia-Pacific, Hydrocracking Unit Capacity in New Zealand (MMTPA), 2000-2013 53 Table 29: New Zealand, Oil Storage Key Statistics, 2008 54 Table 30: New Zealand, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 54 Table 31: New Zealand, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2013 56 Table 32: New Zealand, Storage Capacity (Thousand M3), 2000-2013 57 Table 33: Royal Dutch Shell plc, Key Facts 58 Table 34: Royal Dutch Shell plc, SWOT Analysis 71 Table 35: Royal Dutch Shell plc, Revenue by Segment, USD Million, 2003-2007 76 Table 36: Royal Dutch Shell plc, Revenue by Geography, USD Million, 2003-2007 77 Table 37: Royal Dutch Shell plc, Financial Statements, USD Million, 2003-2007 77 Table 38: Royal Dutch Shell plc, Financial Ratios, USD Million, 2003-2007 78 Table 39: OMV Aktiengesellschaft, Key Facts 79 Table 40: OMV Aktiengesellschaft, SWOT Analysis 88 Table 41: OMV Aktiengesellschaft, Revenue by Segment, Euro Million, 2003-2007 91 Table 42: OMV Aktiengesellschaft, Revenue by Geography, Euro Million, 2003-2007 92 Table 43: OMV Aktiengesellschaft, Financial Statements, Euro Million, 2003-2007 93 Table 44: OMV Aktiengesellschaft, Financial Ratios, Euro Million, 2003-2007 94 Table 45: Mitsui & Co., Ltd., Key Facts 95 Table 46: Mitsui & Co., Ltd., SWOT Analysis 110 Table 47: Mitsui & Co., Ltd., Revenue by Segment, Yen Million, 2003-2007 114 Table 48: Mitsui & Co., Ltd., Revenue by Geography, Yen Million, 2003-2007 115 Table 49: Mitsui & Co., Ltd., Financial Statements, Yen Million, 2003-2007 116 Table 50: Mitsui & Co., Ltd., Financial Ratios, Yen Million, 2003-2007 117 Table 51: Austral Pacific Completes Private Placement Of $5.61 Million 118 Table 52: Austral Pacific Energy Completes Final Tranche Of Private Placement Of $3.9 Million 119 Table 53: Austral Pacific Energy Completes Private Placement Of $10 Million 120 Table 54: Austral Pacific Completes $3.25 Million Financing 121 Table 55: L & M Petroleum Completes Initial Public Offering Of $15.74 Million 122 Table 56: Contact Energy Increases Its Bond Offering To $281.6 Million 123 Table 57: Australian Worldwide Exploration Forms Partnership With Mitsui E&P 124 Table 58: Kairiki Energy Sells 33.33% Stake In AMI To New Zealand Oil & Gas 125 Table 59: Horizon Oil To Acquire 25% Interest In PEP-38494 126 Table 60: Cue Energy Resources Acquires 20% Interest In PEP 38494 permit 127 Table 61: Origin Energy And Contact Energy Acquires Oil And Gas Assets From Swift Energy 128 Table 62: Austral Pacific Announces Farmout of PEP 38524 129 Table 63: Austral Pacific Enters Into Farmout Agreement 130 Table 64: Greymouth Petroleum To Acquire Assets From Swift Energy 131 Table 65: Genesis Acquires 15.1% Interest In PEP 38738-D And PMP 38156-D From TAG Oil 132

Companies Mentioned

Royal Dutch Shell Plc OMV Aktiengesellschaft Mitsui & co.,Ltd.