New Zealand’s Genesis Energy has upgraded its developed reserves in the Kupe gas and oil field, situated off the south Taranaki coast, New Zealand.
Genesis Energy has reviewed data provided by Origin Energy, the field operator, and as a result, it has determined that the Proved plus Probable developed reserves of the field have increased by approximately 33 per cent from 27.7 million barrels of oil equivalent (BoE) to 36.9 million BoE. Genesis Energy’s share (31%) of Proved plus Probable developed reserves has increased from 8.6 million BoE to 11.4 million BoE.
The reserves increase and improved well performance will provide additional volume from within the existing Kupe development, and is likely to delay the need for further capital investment for the second phase of drilling currently planned under the Kupe Field Development Plan.
Genesis Energy Chief Executive Albert Brantley said Kupe is a consistent contributor to the company’s diverse income streams. This significant reserves upgrade provides long-term fuel supply and revenue upside, the company said.
Further work is being performed to assess future development options at Kupe, including options for the undeveloped reserves that were included in Genesis Energy’s total Kupe Proved plus Probable reserves at 30 June 2015. An updated Field Development Plan is expected to be completed in the second quarter of 2016.