Two oil and gas firms have estimated a production increase on a project in New Zealand.
Pan Pacific Petroleum and New Zealand Oil and Gas have completed a review of the increase in Tui reserves attributable to the Pateke-4H well.
The well has seen an increase of 2.4 million barrels gross, 360,000 barrels net to PPP.
This comprises 1.9 million barrels from the Pateke-4H accumulation and an additional 0.5 million barrels from the other Tui Area Fields as a result of the extension of economic field life and excludes any additional oil which will be used as fuel.
The Pateke-4H estimate will be reviewed and updated when the well is on production and actual performance can be compared with the forecast from the current model.
The effect of Pateke-4H on the extension of the economic field life of the Tui Area Fields is dependent on oil price, and includes an assumption of a return to higher oil prices during the field life.
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