The cost of the US$27 million exploratory oil and gas Oi well offshore Taranaki has risen to US$40 million, largely as a result of the drilling partners being forced to plug and abandon the first well, which encountered technical difficulties at a depth of 1,507 metres. The Oi-1 well is a partnership between operator AWE (31.25 percent), Pan Pacific Petroleum (50 percent) …

A sharp slowdown in China’s growth, financial market volatility, a sustained decline in commodity prices and a drop in house prices are the biggest potential risks facing the New Zealand economy, according to an assessment by the International Monetary Fund. The IMF gives New Zealand a broadly favourable appraisal in its latest country report, noting that economic growth is “becoming increasingly …

Serko, the online business travel booking company, has closed the retail portion of its share offer nine days early and said it may scale back public share requests after strong investor demand. The Auckland-based company has closed the public pool component of its public offer, which opened last Wednesday and was supposed to close onJune 19. It expects to list on the main board of the NZX …