Genesis Energy's bid to boost Kupe gas field fails, earnings trimmed, supply tighter

The Genesis bet on Kupe did not pay off. (Image: Getty)

Wed, 22 May 2024

Genesis Energy’s attempts to boost gas production at its Kupe field have failed, trimming its earnings forecasts and putting more pressure on the already tight gas market.The company has been trying to stem the decreasing gas flow with a drilling programme, but it said this morning the multimillion-dollar exercise had not been successful.The work was unable to produce sufficient flow to sustain the operation of the well because of the reservoir pressure level and water in the well.As a result, the maximum gas production from Kupe is 47 te...

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