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Genesis Energy to keep stake in Kupe gas field

Photo: Supplied The power company, which is 51 percent owned by the government, announced early this year it was weighing up its ownership in the field, as well as opportunities for further development, including drilling and further exploration. Kupe remains a high-quality gas asset and will continue to play a key role in New Zealand s transition to a lower carbon future, the company said in a brief announcement to the market. The review considered a number of areas, including the returns and risks of a potential drilling programme, the optimal capital structure for Genesis and whether there are better capital investment opportunities.

MIL-OSI New Zealand: Energy – Cautious welcome of new natural gas reserves

Source: Energy Resources Aotearoa New data showing a 2.6% increase in proved plus probable (2P) gas reserves estimates over the past year has been welcomed, but with a note of caution from Energy Resources Aotearoa. “It’s good news for New Zealand to see a small increase in the amount of reserves expected from the Maui and Turangi fields, given the current energy shortage we are grappling with,” says chief executive John Carnegie. “However, reserves are theoretical until actually produced. Investment into existing assets is underway which is great news in the medium term, but beyond that we are still extremely concerned.

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