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New Zealand grants 10-year permit for Puka oil and gas field

The permit is expected to add natural gas to the domestic market over the next decade as New Zealand faces declining gas reserves.

Reported · Written up by our desk · Energy

New Zealand has approved a 10-year onshore petroleum mining permit for the Puka oil and gas field in the Taranaki region to support domestic natural gas supply, as energy security concerns grow, OilPrice reports. The permit was granted by New Zealand Petroleum and Minerals, or NZP&M, to Matahio NZ Onshore Limited, with the permit area including the Oru prospect. The government said the added supply is expected to support natural gas availability over the coming decade and generate export earnings from new oil production, according to the article. Matahio estimated recoverable reserves from the Puka discovery at about 170,000 barrels of oil and 1.3 billion cubic feet of gas. An independent assessment of the Oru prospect puts prospective resources at about 1.8 million barrels of oil and 1.2 billion cubic feet of gas. New Zealand Resources Minister Shane Jones said the country faces ongoing energy security challenges due to declining gas reserves. He added that gas is expected to remain critical to the energy mix, supporting electricity generation during low hydro inflows and providing energy and feedstock for businesses, the outlet said.

Latest closeNat gas $2.788 ▲0.8%

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