New Zealand's natural gas production to fall below demand due to 20% reserve reduction, according to MBIE.
New Zealand's natural gas production is set to fall below demand due to a 20% reduction in reserves, according to the Ministry of Business, Innovation and Employment (MBIE). The reserves have decreased by 335 PJ (petajoules) between January 2023 and January 2024, resulting in an overall reduction to 1300 PJ. Gas extraction and use account for 44% of the reduction, while the remaining 56% is attributed to revisions in reserves figures by gas field operators. MBIE predicts that New Zealand's natural gas production will be 10 PJ less than demand for at least the next three years.
July 11, 2024
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