New Zealand Oil & Gas Ups Kupe Gas, Oil Reserves

New Zealand Oil & Gas Ltd has announced a significant increase in the proved and probable (2P) reserves in the Kupe gas and oil field.

The Operator, Origin Energy, has completed a detailed reserves review integrating petrophysical, fluid sample and well test information with full field static and dynamic reservoir models.

The initial reserves have been further increased by 13.4%. Added to the reserves increase announced in July 2010, Kupe ultimate recoverable 2P reserves are now 25.8% greater than the pre-production estimate.

Under the latest review, initial 2P sales gas reserves are estimated to have increased by a further 18.3% and LPG reserves by a further 22.8%. Light oil (condensate) reserves, which were increased by 27% in 2010, have been reduced by 1.8%, leaving the reserves 25% above the pre-production reserves.