New Zealand Oil and Gas posted profits of NZ$25.9 million for the twelve months ending June 30, 2103, a 31% increase from last year’s results.
It owns 15% of the Kupe Field and 12.5% of the Tui field.
Kupe Field in the Tasman Sea and is a joint venture among NZ Oil and Gas and Genesis Energy, Origin Energy Resources Ltd, and Mitsui E&P.
Tui field is in the Taranaki basin. NZ Oil & Gas’ partners are Mitsui E&P Australia Pty Ltd, Pan Pacific Petroleum, and Australian Worldwide Exploration.
Revenue from Kupe fell from NZ$74.3 million to $68.8 million while from Tui, revenue fell from NZ$42 million to NZ$30.4 million.
Tui’s revenue drop was due to the natural decline phase the field is now entering.
Kupe was under a scheduled maintenance outage.