Oil and gas reserves decline

Further investment will be needed to eke out more from NZ's oil and gas reserves, the sector says. (Image: NZME)

Fri, 08 Jul 2022

New Zealand’s probable oil and gas reserves have fallen by an estimated 5.1% and the country potentially has about 10 years left on current demand-and-supply patterns, according to the latest data.It comes from the Ministry of Business, Innovation and Employment (MBIE) and is based on estimated petroleum reserves as of New Year's Day this year.The data, compiled from permit holders’ annual summary reports, shows the 5.1% decrease in what is known as 2P reserves. That is what oil and gas operators know they have left in their fie...

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