Taranaki Permit Opens Up Oil and Gas Production in New Zealand
A new petroleum mining permit has been granted for the Puka field in Taranaki, New Zealand, allowing Matahio NZ Onshore Limited to extract oil and gas over the next decade.
The permit covers an area of approximately 19 square kilometers and includes the Oru prospect. The existing Puka discovery is estimated to hold recoverable reserves of around 170,000 barrels of oil and 1.3 billion cubic feet of natural gas.
Prospective resources at the Oru prospect could increase potential production, with an independent assessment estimating 1.8 million barrels of oil and 1.2 billion cubic feet of gas.
New Zealand's Resources Minister Shane Jones noted that this permit is only the second granted in eight years and highlighted the importance of domestic energy sources as declining reserves contribute to energy security concerns.