Beach Energy Ltd., Adelaide, has upgraded its reserves estimate for Kupe oil and gas field in the offshore Taranaki basin of New Zealand.
The field’s proved and probable reserves is 340.5 petajoules equivalent (PJe) at the end of June 2020, which is an increase of 21.5 PJe on the 2P estimate in June 2019.
The 1P reserve estimate is now 250 PJe due to a 61.9 PJe increase on last year.
The upgrade, the third since 2010, demonstrates the field’s ongoing quality and productivity, Beach said.
Kupe, off the south Taranaki coast of the North Island, provides about 15% of New Zealand’s annual gas demand and will supply about 50% of the country’s anticipated LPG demand until 2025.
It is produced via three wells tied into an unmanned platform and a 30 km pipeline to a shore station near Hawera. Oil is stored at New Plymouth.
Beach is operator with 50% interest. Genesis Energy has 46% and New Zealand Oil and Gas has 4%.
