Gas reserves decline to lowest level on record

“Natural gas reserves have continued to decline in line with operators’ field information and expected production,” says Generosa.

“New Zealand’s 2P reserves decreased by 217 PJ, of this 108 PJ was gas produced over the year, and 109 PJ reflected downward revisions to existing estimates.

“The largest 2P change was at the Pohokura field, which reported a 129 PJ decrease partly linked to the underperformance of a well.

“This was partly offset by an upward revision at the Mangahewa field, where successful drilling enabled some contingent resources to be promoted to reserves.

“The Turangi field now holds 380 PJ, accounting for 51% of New Zealand’s remaining 2P natural gas reserves - up from 42% last year,” says Generosa.

Data released today also shows that New Zealand’s 2C contingent gas resources, gas known to exist but not currently considered commercially recoverable due to one or more contingencies, were 1,950 PJ, down 61 PJ (3%) from last year.

Operators’ expected production profiles indicate 2026 gas production of 85 PJ, which is 15% lower than the profile submitted for the 1 January 2025 reserves release.

Read the full Petroleum Reserves 2026 data release