Genesis Energy ups Kupe field reserves estimate (New Zealand)

Genesis Energy ups Kupe field reserves estimate (New Zealand)

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.

 

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply