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Gas reserves adjustment

13 July 2012

Remaining reserves are up 4.4% as a result of the adjustment of reserves data for the Kupe field, the Ministry of Business, Innovation and Employment announced today.

Origin Energy has announced that Kupe’s initial proved and probable (2P) reserves have increased by 18.3% for gas, by 22.8% for LPG, while light oil (condensate) reserves have decreased by 1.8%.

This pushes 2P remaining reserves for the country up to 2,085.9 PJ (gas and LPG), a 4.4% increase on the 1,998.8 PJ quoted in the 2012 New Zealand Energy Data File last month.

The reserves increase has added two years to the life of the offshore gas field that has been producing since December 2009.

To date Kupe has met 15 per cent of New Zealand’s total annual gas demand and more than 50 per cent of LPG demand.

 

Read about Kupe reserves announcement