Offshore staff
(Australia) -- Origin Energy Resources (Kupe) Ltd-led joint venture has made a final decision to develop the Kupe Gas Project in New Zealand, expecting work to start in September 2006.
The field would be on-line by mid-2009, producing around 20 petajoules equivalent (PJ) per annum of sales gas, or approximately 15% of New Zealand's current annual demand.
It would also produce 90,000 tonnes per annum of LPG and 1.7 million barrels per annum of condensate.
The project will have an unmanned offshore platform covering six wellheads; a new onshore production station; a shore crossing, bored under the coastline cliffs, connecting the offshore pipelines from the platform to the production station; and a network of onshore pipelines.
The work included design of a new onshore production station to process gas from offshore; reassessing of the project reserves, increasing by around 15% to 389 PJ equivalent; a renegotiated gas supply contract to accommodate the higher capital costs resulting from the booming oil and gas construction market.
Project partners are: Origin Energy through Origin Energy Resources (Kupe) Ltd Operator, 32.1875%, and Kupe Mining (No 1) Ltd., 17.8125%; Genesis Energy through Kupe Holdings Limited, 20%, and GP No 2 Ltd., 11%; New Zealand Oil & Gas Ltd. through National Petroleum Ltd., Nephrite Enterprises Ltd. and Petroleum Equities Ltd., 15%; and Mitsui E&P New Zealand Ltd, 4%.
6/29/06
