Increase In Kupe Natural Gas Reserves Good News For New Zealand
A 23% increase in estimated reserves at the Kupe natural gas field is very welcome news for New Zealand, says the Petroleum Exploration and Production Association of New Zealand (PEPANZ).
"This is good news for the homes, schools, hospitals and industries that rely on natural gas," says PEPANZ Chief Executive John Carnegie.
"The Kupe field provides around 15% of New Zealand’s natural gas demand and 50% of LPG demand. It is powering the export industries that will lead our recovery, as well as providing back-up electricity and keeping our barbeques running over summer.
"Natural gas is effectively New Zealand’s economic and energy safety net. Given this importance, it makes sense to produce it here in New Zealand rather than relying on imports from overseas.
"The Kupe upgrade is welcome news given the wider concerns over our natural gas supply with many other fields approaching end of life."
Kupe is a joint venture between Genesis Energy, New Zealand Oil & Gas and Beach Energy.