New Zealand Approves Oil and Gas Permit Amid Energy Security Concerns
New Zealand's petroleum regulator has granted a 10-year permit for oil and gas production in the Taranaki region. The permit, issued to Matahio NZ Onshore Limited, covers the Puka field, which was discovered in 2012.
The new permit is expected to bring additional natural gas to the domestic market over the next decade and generate export earnings from new oil production. Recoverable reserves from the Puka discovery are approximately 170,000 barrels of oil and 1.3 billion cubic feet of gas.
An independent assessment estimates prospective resources at the Oru prospect of 1.8 million barrels of oil and 1.2 billion cubic feet of gas. Resources Minister Shane Jones noted that 'at a time when New Zealand faces ongoing energy security challenges due to our declining gas reserves, every new source helps.'