Houston-headquartered Swift Energy also doubled its net income to $US7.2 million for the quarter, partly due to the continued strengthening of the New Zealand gas market.

Its income increased as a result of increased production and higher hydrocarbon prices and total quarterly production had reached record levels of 13.3 billion cubic feet equivalent (bcfe), including 4.8 bcfe from New Zealand, which was a 5% increase on the 12.7 bcfe reported in the second quarter of 2002.

Swift Energy New Zealand has seen its average realised price increase for six straight quarters, due to a combination of higher crude oil prices, a beneficial exchange rate, and additional natural gas sales above minimum contract amounts in the tightening New Zealand gas market.

The average New Zealand gas price was $US1.75 per thousand cubic feet (Mcf) in the second quarter of 2003, a 29% increase from the $US1.36 received during the second quarter of 2002. Crude oil prices averaged $US26.68 per barrel of crude oil in the latest quarter of 2003, up 7% from the $US25.01 per barrel average in the corresponding 2002 period. Natural gas liquids averaged $US13.36 per barrel for the second quarter of 2003, up 19% increase from the second quarter 2002 price of $US11.18 per barrel.

While New Zealand petroleum production was 26% up over the same 2002 quarter, it was down 7% on the first 2003 quarter primarily as a result of scheduled plant maintenance at both the Tawn and Rimu processing facilities. Natural gas accounted for 73% of the volumes produced in New Zealand.