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Petroleum Reserves data released

Details of New Zealand’s petroleum reserves as they stand at the beginning of 2019 have been released today by the Ministry of Business, Innovation & Employment.

The data, compiled from assessments of permit holders’ annual summary reports, shows a seven per cent increase in proved plus probable gas reserves estimates over the past year.

Gas reserves stood at 2,116 Petajoules at 1 January 2019. It represents approximately 11 years of demand based on average consumption levels over the previous four years.

The main drivers of the increase were a 30 per cent upgrade in reserve estimates at Pohokura and a 65 per cent upgrade at Kapuni which represents increase of 166 Petajoules and 57 Petajoules respectively. Meanwhile, there was a 27 per cent downgrade at Maui, a loss of 41 Petajoules.

Sarah Kenward, acting national petroleum and minerals manager, says: “The collected data provides important information on the status of the country’s petroleum reserves.

“Reserves are reviewed by companies on an annual basis and it is not uncommon to see variability as new information comes to light.”

View the data, which includes oil and gas production profiles, remaining reserves and contingent resources.

The Energy in New Zealand 2019 publication, due to be published in September, will include the full range of statistics for the 2018 year.

 

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