Decision due on New Zealand field development

The partners in Kupe gas field offshore New Zealand will decide in June whether to proceed with the development of the country's second largest prospect, New Zealand Oil & Gas Ltd. said on Monday.

Mar 1st, 2004

The partners in Kupe gas field offshore New Zealand will decide in June whether to proceed with the development of the country's second largest prospect, New Zealand Oil & Gas Ltd. said on Monday.

The offshore field, with estimated reserves of 245 MMcf of natural gas and 15 MMbbl of oil, is scheduled to come into production in 2007, around the time that the main Maui field is due to end its productive life.

"NZ Oil & Gas and its partners in the Kupe project have set a deadline of June 2005 for formal development approval and award of engineering and construction contracts," the company said in a statement.

NZ Oil & Gas owns 15% of Kupe, after selling down part of its stake to a local subsidiary of Japan's Mitsui & Co. Australia's Origin Energy Ltd. bought a 50% stake in February from New Zealand energy firm Genesis Power, which has kept 31%.

(3/1/04)

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