Explorer New Zealand Oil & Gas, which maintains interests in the South, has upgraded its estimated gas and light oil reserves by 35% at the Kupe field off Taranaki, in which it has a 15% stake.
Following a review by New Zealand Oil & Gas (NZOG), the company upgraded its estimated developed reserves by 34.7%, from 4.2million barrels of oil equivalent to 5.6million barrels.
NZOG is at present seeking partners to drill at its Barque prospect 60km offshore from Oamaru in depths of 800m in 2017, having estimated in July there could be 530 million barrels of oil equivalent of gas and condensate.
NZOG chief executive Andrew Knight said in a statement yesterday the Kupe upgrade was significant news for the company.
''This reserves increase not only provides additional volume from within the existing development but it's expected that contracted volumes will be able to be supplied without the need for significant additional capital,'' he said in a statement.
NZOG has a 15% stake in Kupe, earning it $62.5million last financial year in revenue, with field operator Origin Energy having a 50% stake, Genesis Energy 31% and Mitsui of Japan 4%.
Mr Knight said Kupe was a quality asset and it was pleasing to announce a reserve increase which did not require additional capital to realise.
