Maari oil field and Raroa floating production station Photo: Supplied
The oil and gas exploration regulator said it was still considering a deal to transfer the Maari oil field from OMV to Jadestone Energy when the companies withdrew their applications.
New Zealand Petroleum and Minerals (NZP&M) national manager Susan Baas said no decision had been made on the transfer of the field off the coast of Taranaki.
"NZP&M had been evaluating the applications under the Crown Minerals Act 1991 and no decisions had yet been made when both parties withdrew their applications."
Bass said Maari was a late-life asset and as such required thorough assessment.
"During the assessment period, the Crown Minerals (Decommissioning and Other Matters) Amendment Act was passed. This required some aspects of the applications to be reassessed in accordance with the new legislation."
There was no set timeline for processing applications, Bass said.
"NZP&M had been actively working on these applications with Jadestone and OMV and had provided clear and consistent information about the new legislative requirements.
"This was a commercial decision made by OMV and Jadestone."
Announcing the decision, Jadestone president and CEO Paul Blakeley said the delay in getting regulatory approval and the resultant uncertainty put the kibosh on the $50 million deal.
"After three years and having offered all sorts of comprehensive decommissioning security arrangements over the period, including Parent Company Guarantees, Bank Guarantees and even cash in a bond.
"And notwithstanding that the new legislation places a trailing liability on OMV, we were never able to engage with Government to discuss/agree anything."