Maui Partners Prove Up Extra Reserves

The Maui gas field in offshore Taranaki has proved up a further 60.8 petajoules (or 58 billion cubic feet) of gas to firm contracted commitments to downstream gas buyers, the New Zealand Crown Minerals agency reported.

Contact Energy and Vector said in separate statements that the Maui partners had converted 60.8 PJ of right of first refusal (ROFR) of natural gas from P50 (50% probability) to P85 (85% probability) status with Contact receiving 37.5 PJ, while Vector will get 23.3 PJ. The ROFR gas is not part of the original Maui gas contract.

Vector said 15.3 PJ of its entitlement will become available from 2011, and 8 PJ from 2012.

Both companies' secured entitlements last October to a combined 275 PJ of Maui gas until 2014, under a pre-existing right of first refusal process.

Vector chief executive Mark Franklin welcomed the development, saying the confirmation of additional firm contracted reserves further reinforced Maui's ongoing contribution to New Zealand's gas supply mix.

"This is the first notification from Maui Development Ltd (the Maui field operators) of reserves being confirmed and added to our firm contracted entitlements. We look forward to a positive outcome from future reviews as we move through the contract period," Franklin said.

The Maui field is operated by Shell (83.75%), Todd (6.25%) and OMV (10%).

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