Commodities
New Zealand Grants Permit for Taranaki Region Petroleum Project
New Zealand's petroleum and mining regulator has granted a 10-year petroleum mining permit to Matahio NZ Onshore Limited for an onshore block in the Taranaki region.
The permit, which covers the Puka field and the nearby Oru prospect, aims to increase natural gas supply for the domestic market.
Matahio estimates recoverable reserves from Puka at approximately 170,000 barrels of oil and 1.3 billion cubic feet of gas, while an independent assessment of Oru suggests prospective resources of 1.8 million barrels of oil and 1.2 billion cubic feet of gas.
New Zealand's Resources Minister, Shane Jones, noted that the country faces energy security challenges due to declining gas reserves, and every new source helps.