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

 


RESEND: NZOG says cost of Pateke well to be up to US$46M

RESEND: NZ Oil and Gas says all-up cost of Pateke-4H well to be US$40-US$46 mln

(Removes reference to percentage gain in first paragraph)

May 6 (BusinessDesk) - New Zealand Oil & Gas, the exploration company, says its total costs for the Pateke-4H prospect in the Tui field off the Taranaki coast will be US$40 million to US$46 million including the tie back to the floating storage/production vessel Umuroa.

Costs of the project include the $25 million for NZOG’s share of exploration and drilling. NZOG has 27.5 percent of Tui while operator AWE has 57.5 percent and Pan Pacific Petroleum has 15 percent. The costs “increased beyond the pre-drilling estimate” because of significant extra work to mitigate mechanical difficulties and drill two sidetracks, NZOG said today.

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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news