Petroleum Reserves data released
Details of New Zealand’s petroleum reserves as at the beginning of 2022 have been released by the Ministry of Business, Innovation and Employment (MBIE).
The data, compiled from assessments of permit holders’ annual summary reports, shows a 5.1% decrease in proved plus probable (2P) gas reserves estimates over the 2021 calendar year.
Gas reserves stood at 1,967 Petajoules (PJ) at 1 January 2022 down from 2074 PJ. a year earlier.
This equates to approximately 10 years of gas supply remaining, based on 200 PJ/year gross gas production. This is largely consistent with reserves reported in previous years.
The decrease was mainly driven by the production of gas in 2021, and the degrading of some 2P gas reserves and allocation of these into the contingent resources (2C) category. It was partially offset by increases in 2P Reserves at some fields due to field development activities.
The data includes oil and gas production profiles, remaining reserves and contingent resources.
Petroleum reserves data – MBIE website
Note: Petroleum reserves are summary statistics based on reporting from permit and licence holders. These holders are required to report oil, gas and liquefied petroleum gas (LPG) reserves information every year under the Crown Minerals Act 1991.