NZOG, Genesis rise on Kupe reserves upgrade

Mon, 17 Aug 2020

Shares in Genesis Energy and New Zealand Oil & Gas rose after recent studies increased expected reserves in the Kupe gas field off the coast of Taranaki. Remapping of the fields, undertaken by operator Beach Energy, resulted in a 23 percent increase to proven and probable reserves. Proven reserves increased 61 percent. The Kupe gas and oil field is a joint venture between Genesis Energy, NZ Oil & Gas and Adelaide-based Beach. It provides approximately 15 percent of NZ’s annual gas demand, and is projected to deliver about half the country...

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