New Zealand grants 10-year petroleum permit for Puka field

New Zealand Petroleum and Minerals (NZP&M) has granted Matahio NZ Onshore Limited a 10-year petroleum mining permit for the Puka field in the onshore Taranaki region. The permit covers approximately 19 square kilometers and includes the Oru prospect.

Resources Minister Shane Jones stated that the permit is intended to bolster domestic natural gas supplies and generate export earnings from oil production. The Puka discovery, originally found in 2012, has estimated recoverable reserves of approximately 170,000 barrels of oil and 1.3 billion cubic feet of gas. Additionally, the Oru prospect is estimated to hold prospective resources of 1.8 million barrels of oil and 1.2 billion cubic feet of gas.

Minister Jones noted that the development aims to address energy security challenges caused by declining gas reserves. In New Zealand, gas is primarily used for industrial purposes and electricity generation when renewable sources cannot meet demand.