New Zealand Issues Permit for Puka Field Gas Project

New Zealand's petroleum and mining regulator has granted a 10-year permit to Matahio NZ Onshore Limited for the Puka field, aiming to boost natural gas supply for the domestic market.

The permit covers the Puka field and nearby Oru prospect in the Taranaki region. The Resources Minister, Shane Jones, noted that this new source of natural gas will help address energy security challenges due to declining gas reserves.

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.