NZEC Completes New Zealand Oil, Gas Deal

New Zealand Energy Corp. (NZEC) has finalized the deal to acquire strategic upstream and midstream assets from Origin Energy in Taeanaki Basin, New Zealand.

The assets being acquired include three licenses totalling 23,049 acres in the main Taranaki Basin production fairway as well as the Waihapa Production Station and associated gathering and sales infrastructure, NZEC said in a statement early this week.

In conjunction with the acquisition, NZEC commissioned Deloitte to prepare an independent assessment of reserves and resources attributable to the TWN Licences. Proved and Probable Reserves are estimated at 1,852,700 barrels of oil, 1.45 billion cubic feet of natural gas and 50,700 barrels of natural gas liquids. 

The company also said that Waihapa Production Station facility is ready for gas processing, oil handling and water disposal.