Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ Oil & Gas says Pateke project cost to rise as much as 84%

NZ Oil & Gas says Pateke project cost to rise as much as 84%

May 6 (BusinessDesk) - New Zealand Oil & Gas, the exploration company, expects the pre-drilling cost of the Pateke-4H prospect off the Taranaki coast will be as much as 84 percent higher than previously estimated.

The Wellington-based company projects the total cost to NZOG will be between US$40 million and US$46 million, up from US$25 million predicted last month, it said in a statement. The company’s initial evaluation of the resource estimates 2.5 million barrels, of which its share would be 687,500 barrels.

“Preparations are being made to run the completion and suspend the well to enable production in the first quarter of 2015,” it said.

Last month, chief executive Andrew Knight told BusinessDesk potential Pateke production would bolster output rather than extend the life of the Tui oilfield.

NZOG’s shares gained 1.3 percent to 78.5 cents, and have slipped 3.7 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news