New Zealand Oil & Gas has upgraded the potential of Barque prospect located offshore from South Canterbury and North Otago.

Currently, the company is negotiating with potential partners to drill the prospect, while presenting the farm-in opportunity globally.

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The PEP 52717 3D seismic survey at Clipper permit was completed in 2013. The evaluation of the survey identified up to three horizons in the structure.

The best estimates state that the three horizons host nearly 11 trillion cubic feet of gas (Tcf) and 1.5 billion barrels of liquid (oil or gas condensate) within the proven petroleum system.

Analysis also states that the primary reservoir target is estimated to contain 5.5Tcf of gas and 785 million barrels of associated condensate.

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"It can yield 8.2Tcf of raw gas, with 4.8Tcf of this potentially available for conversion to LNG."

The company has identified multiple development concepts through development work. It estimates that preferred gas recycling development concept can yield a 460 million barrel gas condensate field, as well as 1.3Tcf of gas from one horizon alone.  

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New Zealand Oil & Gas claims that if three horizons are developed concurrently, the gas-to-shore LNG project will be ideal.  

It can yield 8.2Tcf of raw gas, with 4.8Tcf of this potentially available for conversion to LNG.

The Barque prospect is located within 800m of water nearly 60km from the east shore of Oamaru. The target formations lie between 2,500m and 3,000m below mean sea level.

The permit is equally owned by New Zealand Oil & Gas and Beach Energy. New Zealand Oil & Gas holds the operatorship of the project.