Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 


Oil and gas discovery in Taranaki

24 September 2004

Oil and gas discovery in Taranaki

Natural gas and oil have been discovered at the Radnor site, near Stratford in Taranaki, by Bridge Petroleum Limited, a New Zealand company.

This discovery is significant and is the first discovery to be made since the Government announced its new royalty regime for the petroleum exploration sector. This is designed to encourage new natural gas finds.

"This is an exciting find. It is a deep well in the Kapuni Sands, and is a redrill of an earlier Stratford well," Kevin Johnson, executive director of Bridge Petroleum Limited, said.

Radnor 1 well was drilled to a depth of 4,358m in 35 days and encountered the primary Kapuni sand target structurally high to the previous wells, Stratford 1 and 1A drilled in 1983 and 1990 respectively. Bridge Petroleum acquired an exploration permit over the block in 2002 and conducted a 3D seismic survey in 2003.
A production test of the interval 4,290m to 4,296m achieved an estimated stable flow rate of 4.0 million cubic feet per day on a 1/4 inch choke at a flowing tubing pressure of 3,270 psi.

Further testing will be conducted shortly depending on equipment availability.
A production station will be built on the site with new gas and liquids pipelines installed for transportation.
Gas and oil should come on line in the first three months of next year once a new production station is commissioned.

A further well, Radnor 2 is planned to be drilled in the early New Year.

Bridge Petroleum holds a two-thirds interest in the well with Westech Energy New Zealand holding the other third. Methanex New Zealand Limited has a priority entitlement to the gas produced.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news