Petroleum Reserves data released
Published: 02 July 2020
Details of New Zealand’s petroleum reserves as they stand at the beginning of 2020 have been released today by the Ministry of Business, Innovation & Employment.
The data, compiled from assessments of permit holders’ annual summary reports, shows a 0.8 per cent decrease in proved plus probable (2P) gas reserves estimates over the past year.
Gas reserves stood at 2,021 Petajoules (PJ) at 1 January 2020 down from 2,037PJ a year earlier.
The decrease was driven by a 217PJ downgrade in reserve estimates at Pohokura despite increases in reserve estimates at Turangi, Kupe, Mangahewa, Kapuni and Maui.
Susan Baas, national petroleum and minerals manager, says: “The status of the country’s petroleum reserves provides important information to the industry to guide investment and development decisions and insights for the market.
“Petroleum fields are inherently complex and a number of technical and market factors can change reserves estimates from year to year. This includes reservoir simulation models and demand profiles for gas.
“It is normal practice for operators to reassess the models they have around the development of the petroleum reservoir over the life of the field which can effect estimates,” says Baas.
The data, which includes oil and gas production profiles, remaining reserves and contingent resources, can be found here.
The Energy in New Zealand 2020 publication, due to be published in August, will include the full range of statistics for the 2019 year.
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