NZ Gas Reserves: Crown Minerals Starts P10 Gas Reserves Analysis
October 14th, 2009
Crown Minerals has sought and been given extensive P10 oil and gas reserves data held by holders of NZ production field permits, in what Todd Energy CEO Richard Tweedie believes could put paid to complaints by gas-using electricity generators they can’t commit to investment in new gas-fired base-load generation because currently published MED estimates show a gas shortfall from 2015. Tweedie has long claimed this is a nonsense position, and expressed confidence there is sufficient gas to run existing combined cycle gas turbine and peaker plants, as well as build large new base-load plant, through the late 2020s and into the 2030s. Tweedie has never offered data to support the claim, but expects there will be plenty of evidence to back him once MED gets its head around the size of potential reserves when assessed from a P10 perspective.
Currently, MED reports reserves at P50 and higher, and these figures are routinely used in electricity gas consumption planning. Crown Minerals confirmed to NZ Energy & Environment Business Week the data had been requested and there is now one outstanding data set required before MED would consolidate the information and publish a P10 estimate for NZ. However, there will be no breakdown of P10 estimates by individual field data. Perhaps this would just make things too easy for Contact and Genesis as they try to grope their way through the next 15 years of negotiation with the field owners.
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