NEW ZEALAND POTENTIAL-1: Taranaki basin yielding large oil and gas discoveries

07/16/2001
Exploration opportunities in New Zealand are growing as existing fields enter a decline phase. New Zealand imports two-thirds of its liquid energy requirements and is encouraging petroleum companies to expand their exploration activities.With estimated remaining reserves of 100 million bbl of oil and condensate and 2.2 tscf of gas in producing fields and 12%/year consumption, new discoveries are needed to fill the fuel gap looming by 2010. The majority of the oil produced is exported, mostly to the Australasian region as crude and refined product.An existing methanol plant (using approximately 93 bcf/year), gas pipeline infrastructure, and new power generation stations set for constructio...
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