Quote:
NZResources 6/5/2015 — Oil and Gas
Government puts extended life value on Maui
Government officials have said the mature Maui offshore gasfield should be able to keep pumping gas past 2030.
Radio New Zealand said their comments came as Shell Todd Oil Services (STOS) sought approval from the Environmental Protection Authority (EPA) to keep running Maui for another 35 years.
The comments follow several assertions in the past that Maui would soon run dry.
In applying for the right to keep on pumping gas, STOS said Maui still had 18% of New Zealand's gas reserves and 20% of its production.
Officials of the Ministry of Business Innovation and Employment produced more details of Maui's capacity at the inquiry into the EPA approval process.
They said Maui still contains 466 petajoules of gas, a 50% increase on estimates a year earlier - almost two and a half times NZ's total annual usage.
The Government said that pumped out judiciously, it would last for at least another 15 years.
Radio NZ said Ministry officials did not put a monetary value on the gas but the wholesale price for natural gas was around $5.50 a gigajoule. That means Maui's estimated reserves of 466 Pj would be worth $2.5 billion, minus the cost of extracting gas and getting it to market.
Maui was discovered in the 1960s and has been producing gas since 1979 but it needs a marine consent to keep on operating under a new law governing New Zealand's Exclusive Economic Zone.
Source: radionz.co.nz
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