On Friday, the New Zealand Oil & Gas Ltd., confirmed that the first ever shipment of light crude oil from the company's Kupe field will be loaded and shipped out as early as next week. The first shipment will be sent out to BP PLC's Kwinana refinery which is located in the state of Western Australia.
The 120,000 to 180,000 barrels of crude oil are all set to sail out from Port Taranaki in New Zealand, and the British Chivalry tanker will be carrying the shipment around.
Since early December 2009, the Kupe gas and oil field, which is situated about 30 kilometers off the South Taranaki coast of New Zealand, has been producing natural gas, LPG and light crude oil.
Once the field is completely operational, it will be providing 10-15% of the country's yearly gas demand and over 50% of its LPG demand. The figures have been confirmed by New Zealand Oil & Gas, a 15% equity stake holder in the field.
50% of the Kupe field is owned by Australia's Origin Energy Ltd.