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)|
|4 %||New Zealand Oil and Gas|
Project Status: Producing
Kupe (PML 38146) News
New Zealand Oil & Gas has materially upgraded its developed reserves in the Kupe gas and light oil field off Taranaki, New Zealand.
A final investment decision for a compression installation project has been approved by partners in
the Kupe joint venture.
Production from the Kupe gas fields is off plateau, the joint venture has advised.
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.
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.
- 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.