Rimu, other discoveries lift hopes in New Zealand

Recent discoveries of oil, condensate, and gas could have a profoundly positive effect on New Zealand's energy picture.With the country's crude and condensate reserves standing at a little more than 100 million bbl, a recent Taranaki basin discovery by Swift Energy Corp., Houston, could hike reserves 20% by itself, noted the Ministry of Economic Development.Swift Energy's estimate for Rimu field alone is 20-100 million bbl of oil equivalent. If these estimates prove accurate Rimu alone would increase the modest national reserves by at least 20%.Swift has also estimated that the nearby Kauri prospect could contain 200-500 MMboe and the Tawa prospect 100-300 MMboe. If even the m...

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