Maui gas reserves shored up
New Zealand’s Contact Energy said today that the Maui joint venture led by
Shell has shored up 58.4 billion cubic feet (62 petajoule) of Maui natural
gas reserves.
The domestic gas supplier said the joint venture has increased its estimated
probability for gas recovery from the Maui field to 85% from 50%.
Contact’s share of the natural gas is 61.6% or 35.8 billion through gas
supply agreements that were sealed in October 2006.
The increased certainty of the reserves was expected and supports Contact’s
view of the likely sufficiency of domestic sources of gas through to about
2015, said the outfit’s chief executive, David Baldwin.
The company added that the increased certainly does not materially change
the outlook for the domestic supply position beyond that.
The Maui field is owned by operator Shell (83.75%), Todd (6.25%) and OMV
(10%).
09 May 2008 01:57 GMT
| last updated:
09 May 2008 02:08 GMT
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