Offshore staff
WELLINGTON, New Zealand – New Zealand Oil & Gas (NZOG) has upgraded developed reserves in the Kupe oil and gas field offshore Taranaki to 6.02 MMboe.
The 15.3% increase follows detailed reservoir simulation uncertainty modeling.
CEO Andrew Knight said: “This reserves increase provides additional volume from within the existing development. It also provides further security that contracted volumes can be met without needing significant additional capital.”
Technical work is nearing completion to assess options for extracting further reserves, although the Kupe joint venture has not taken a final investment decision on development.
Origin Energy is the operator – the other partners are NZOG, Genesis Energy, and Mitsui.
04/21/2016
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