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.