New Zealand Oil & Gas

New Zealand Oil & Gas (NZOG) reported a further upgrade in developed reserves in the Kupe gas and light oil field offshore Taranaki, New Zealand, following analysis by the field’s joint venture partners. The upgrade from 5.22 million BOE to 6.02 million BOE is in addition to a 34.7% increase announced in October. Based on detailed reservoir simulation uncertainty modeling, the company is reporting a new 15.29% increase in proved and probable developed reserves. NZOG has a 15% interest in the field, which is operated by Origin Energy (50%). Other participants are Genesis Energy (31%) and Mitsui (4%).