Production continues as exploration in New Zealand ends. New Zealand Oil & Gas relinquished its last remaining exploration acreage in New Zealand during 2021.
It retains a 4% participating interest in the Kupe gas and light oil field south of Taranaki, and through Cue Energy Resources in its 5% share of the Maari oil field off Taranaki.
Kupe (PML 38146)
| 50 % | Beach Energy (Operator) |
| 46 % | Genesis |
| 4 % | New Zealand Oil and Gas |
Project Status: Producing
PERMIT ACTIVITY
A final investment decision for a compression installation project has been approved by partners in the Kupe joint venture. It is expected to be completed in mid-2021.
The inlet compression project will reduce inlet pressure and allow extension of the plateau production rate, while maximising recovery from the Kupe field.
The cost for the 4 per cent New Zealand Oil & Gas share of the compression project is less than $4 million.
The Kupe gas fields will produce at below maximum plant capacity until then. Once completed, the aim of compression is to restore production to the maximum rate of 77 terajoules per day.
Kupe (PML 38146) News
23% Increase in Kupe Reserves
New Zealand Oil & Gas has materially upgraded its developed reserves in the Kupe gas and light oil field off Taranaki, New Zealand.
FID For Kupe Production Installation
A final investment decision for a compression installation project has been approved by partners in
the Kupe joint venture.
Kupe Production Off Plateau
Production from the Kupe gas fields is off plateau, the joint venture has advised.
Kupe Transaction Completes
New Zealand Oil & Gas and Mitsui E&P Australia have completed the sale and purchase of a 4 per cent interest in the Kupe gas and light oil field.
Regulatory Approvals Received for Kupe Transaction
Approval has been received from the Overseas Investment Office and from New Zealand Petroleum & Minerals for New Zealand Oil & Gas to purchase Mitsui E&P Australia's 4 per cent interest in the Kupe gas and light oil field.
New Zealand Oil & Gas buys Mitsui’s 4% of Kupe For $35m
- Quality investment appropriate to NZO’s current scale and appetite for sensibly diversified risk.
- Rights within the joint venture.
- Ongoing income from a well-understood, high-quality asset.