Origin loses manager to start-up NZ Energy Corp
And he will be joined by another senior Origin employee.
BUSINESSDESK: Origin Energy, operator of the Kupe oil and gas field, is losing its New Zealand country manager Chris Bush to become chief executive of fast-growing Canadian onshore explorer and producer New Zealand Energy Corp.
Mr Bush told BusinessDesk the opportunity meshed with his previous experience, which saw him develop the New Zealand oil and gas interests of Texas-based Swift Corp and the development over the last five years of the Kupe field.
He will be joined by another Origin employee, Mike Oakes, who has been production assets manager in New Zealand and will become NZEC's general manager of midstream operations.
"With three producing wells, an eight-well drill campaign commencing in August and the recent acquisition of the TAWN Petroleum Licenses and Waihapa Production Station, NZEC is preparing for growth in all aspects of its business," the company said.
The TAWN and Waihapa assets were purchased from Origin.
"We've now got a fully operational Kupe, reserves have been upgraded, and it's a stable producing asset," Mr Bush said.
Origin also had a stake in an offshore Catnerbury exploration licence operated by Anadarko and would be a bidder in the forthcoming block offer bidding round for new exploration territory.
"Like any executive, I was asking myself when's the right time to move on. This opportunity looked very attractive. It's a small company, but it's got great position both onshore Taranaki in the shale areas and on the east coast and Wairarapa."
Kupe was first discovered in 1986, but not brought into production until 2009 when the economics of the field became attractive as the giant Maui gas field runs down.
NZEC has experienced rapid growth to be producing 700 barrels of oil equivalent daily, and projecting production of 3000 barrels a day by year's end.
Mr Bush will take the reins at NZEC in October.
Pattrick Smellie
Fri, 27 Jul 2012
Fri, 27 Jul 2012
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Origin loses manager to start-up NZ Energy Corp
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