Article
The outcome of the review of the reserves position at the offshore Kupe oil and gas field could not have done much better for the owners, who overnight found themselves $700m richer.
Opened only last December, the existing reserves were those identified in 2006, but analysis of three development wells KS-6, KS-7 and KS-8 has now shown proven plus probable (2P) sales gas reserves have increased by 8% to 273 petajoules of natural gas, LPG reserves by 5% to 1.1 million tonnes (equivalent to 6 years NZ consumption), and light oil / condensate by an impressive 27% to 18.6 million bbls of oil (equivalent to 11 years demand in NZ).
Kupe has become a giant national treasure.
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