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New Zealand’s gas reserves extend fall in 2025: MBIE

  • Märkte: Electricity, Natural gas
  • 14.05.26

National gas reserves are at an all-time low, New Zealand's ministry of business, innovation and employment (MBIE) said, while Wellington has struggled to attract new investment and turned to LNG imports to bridge a supply shortfall.

The nation's official proved and probable (2P) reserves as of 1 January fell by 23pc on the year to just 731PJ (19.2bn m³), a 217PJ decline in 12 months due to 108PJ of production and 109PJ of downward revisions.

The Pohokura field recorded the largest single decline of 129PJ, linked partly to well underperformance, MBIE said on 14 May. Turangi field, operated by privately-held Greymouth Petroleum, now holds 380PJ or 51pc of remaining 2P reserves.

New Zealand's 2026 production is now estimated at 85PJ, 15pc below expectations submitted for the 1 January 2025 reserves statement and lower than the 115.7PJ in 2024, data show.

New Zealand's centre-right National-led government has overturned a ban on new exploration instituted under the previous Labour administration but has yet to attract any significant new spending, despite offering to buy up to 15pc equity in new projects to drive activity.

The country's energy minister instead announced a turn to LNG imports this year. The country will build a regasification facility at Port Taranaki on the country's North Island, nearby major gas producing facilities in the offshore Taranaki basin.

Power problems

New Zealand's electricity is mainly sourced from hydroelectricity, but drought periods can hamper output because the catchments are relatively small. The government is aiming to fast-track solar and wind approvals and explore new deep geothermal technologies to make up shortfalls and reserve gas for industrial and heating purposes instead of power generation.

New Zealand's sole major non-renewable electricity generator is the 953MW Huntly power station on the North Island which can use coal or gas.

Shortfalls of electricity have previously led major manufacturers like Rio Tinto to curtail production at its 335,000 t/yr Tiwai Point aluminium smelter in 2024, and the associated need for gas-fired power led Methanex to idle its plants to free up gas in the same year.

Methanex this month said its New Zealand operations may close after gas supplier OMV in April said it would cease Maui gas field production by the end of the year.


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