Troubled Oil Company Tamarind Taranaki Placed In Liquidation

Tamarind Taranaki was placed in liquidation at a watershed meeting with creditors this morning, The New Zealand Herald reported. The company, which operates the Tui oil fields ran into debts when a drilling campaign in September went over budget and was unsuccessful. Malaysian-owned Tamarind Taranaki reportedly has debts of around $350 million, including a US$100 million claim from the New Zealand Government for the decommissioning costs of closing and cleaning up the fields. Tamarind's parent company had given the Crown a guarantee to cover the decommissioning costs, but officials had warned that liquidation could meant the cost fell on taxpayers. Read more