Petroleum reserves data released
Details of New Zealand’s petroleum reserves as they stand at the beginning of 2019 have been released by the Ministry of Business, Innovation & Employment.
The data, compiled from assessments of permit holders’ annual summary reports, shows a seven per cent increase in proved plus probable gas reserves estimates over the past year.
Gas reserves stood at 2,116 Petajoules at 1 January 2019. It represents approximately 11 years of demand based on average consumption levels over the previous four years.
The main drivers of the increase were a 30 per cent upgrade in reserve estimates at Pohokura and a 65 per cent upgrade at Kapuni which represents increase of 166 Petajoules and 57 Petajoules respectively. Meanwhile, there was a 27 per cent downgrade at Maui, a loss of 41 Petajoules.