26 Oct 2012

Taranaki field oil reserves estimate doubled

5:33 am on 26 October 2012

Oil reserves in an area between the Taranaki towns of Eltham and Hawera are twice as big as first thought.

The Vancouver-based company New Zealand Energy Corporation, which is prospecting there, has announced that natural gas reserves are also more than two-and-a-half times bigger than earlier assessments.

The announcement of heightened reserves was made by a Vancouver-based company, the New Zealand Energy Corporation, which is listed in the venture section of the Toronto Stock Exchange.

The information wasbased on a report by the consultancy firm Deloittes and covers the Copper Moki-1, Copper Moki-2 and Copper Moki-3 wells, which are already producing oil.

They do not affect Copper Moki-4, which is still being explored.

The increased quantities of oil and gas have boosted the estimated value of the field by 64%.