Fuels

Genesis Energy has secured adequate gas supplies for gas-fuelled electricity generation and for our customers who use gas efficiently in their homes, businesses and factories. Genesis Energy has a range of gas supply agreements with major gas producers and is also an equity partner in the development and production of the Kupe Gas Project.

This Taranaki project consists of an unmanned offshore platform, a new onshore production station, a pipeline to shore from the platform to the production station and a sales gas pipeline
onshore.

The onshore production station is almost complete and commercial production from the Kupe field is expected to commence in the third quarter of 2009. Genesis Energy has contracted to purchase all of the natural gas produced by the Kupe Joint Venture.

The Kupe Joint Venture comprises Origin Energy Limited (which through its subsidiaries has a 50% interest and is the operator of the field), Genesis Energy with 31%, New Zealand Oil & Gas Limited (which through its subsidiaries has a 15% interest) and Mitsui E&P Australia Pty Ltd
(which has a 4% interest).