Genesis Energy says Kupe production to decline

Company News

by Rachael Jones

Genesis Energy (ASX:GNE) says production from the Kupe gas field it part owns has come off its plateau.

Maximum production is expected to reduce at a rate of between 1.2 per cent and 1.5 per cent per month until the Inlet Compression Project is completed in mid-winter 2021.

Kupe is the country’s fourth-largest gas field and produced about 24.6 petajoules in 2018. Genesis owns 46 percent of the offshore field and buys all its gas for use in its power stations and sales to customers.

They say the decline is in line with reservoir modelling and is the result of record production from the field during the past few years.

Shares in Genesis Energy (ASX:GNE) are trading 0.92 per cent lower at $3.23.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.