MBIE releases petroleum reserves data
Published: 07 July 2022
The Ministry of Business, Innovation and Employment (MBIE) has today released data detailing New Zealand’s petroleum reserves as at 1 January 2022.
The data, compiled from permit holders’ annual summary reports, show a 5.1% decrease in Proven plus Probable (2P) reserves.
2P Gas reserves stood at 1967 Petajoules (PJ) at 1 January 2022, down from 2074 PJ a year earlier which equates to a reserves to gross production ratio of approximately 10 years, based on an assumed 200PJ per year demand. Increases in 2P reserves at individual fields typically represents a conversion of 2C contingent resources to 2P reserves.
Susan Baas, National Manager Petroleum & Minerals, MBIE, says New Zealand’s petroleum reserves can fluctuate from year to year.
“Ongoing data analysis and other technical factors, as well as commercial factors like movements in commodity prices and decisions relating to field development can all cause these estimates to be revised.
“Ultimately, this data provides insights for gas buyers to inform their decisions around their gas supply arrangements, and investment decisions.”
2P reserves for the Mangahewa, Turangi, and Maui fields saw increases, off the back of development drilling at these fields over the past year. Of particular note is the increase in both reserves and deliverability at Maui, driven by OMV’s drilling campaign at Maui A.
Meanwhile, 2P reserves at Kapuni and Pohokura decreased by 17.3% and 22.5% respectively. Reserves for Pohokura reflect the deduction of annual production as well as a decline in performance of the field, however field development drilling is ongoing, with potential for further work, to help address the issues.
While successful drilling at Kapuni has been undertaken over the past year, the Petroleum Mining License for this field is due to expire in 2032. This means that the production profiles reported are now truncated at 2030 to allow for decommissioning, in accordance with the new requirements under the Crown Minerals Act 1991.
This data includes oil and gas production profiles, remaining reserves and contingent resources.
The Energy in New Zealand 2022 publication, due to be published in August, will include the full range of statistics for the 2021 year.
Note: Petroleum reserves are summary statistics based on reporting from permit and licence holders. These holders are required to report oil, gas and liquefied petroleum gas (LPG) reserves information every year under the Crown Minerals Act 1991.
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