The country’s largest oil field is now in full production mode after completion of a year-long drilling programme. More than five million barrels of oil have already been extracted from the offshore Taranaki field,

Maari, since February this year and the consortium involved are confident it can supply oil for another 10-15 years.

It has estimated reserves of 50 million barrels.

The operator, OMV, said today the ENSCO 107 jack-up rig was almost
ready for departure from Nelson to Singapore – floated on the
specialist heavy transport vessel the MV Target.

“It is very satisfying to get to this point. We are now able to fully
concentrate on the production phase of Maari without interruption from
drilling activities,” OMV New Zealand managing director Wayne Kirk said.

The consortium expects new oil from the M2A and Manaia-1 well (into
Manaia, 10km south west of Maari) to be produced in the first quarter
of next year.

The two new wells were drilled in addition to eight other wells drilled
at Maari. The 8km Manaia-1 well is the longest in New Zealand – about
eight times the length of the Auckland Harbour Bridge.

“This additional oil gives us added confidence that we can keep producing from Maari over the next 10 to 15 years.”

OMV said the latest trade figures show oil is New Zealand’s fifth
largest export ahead of seafood and wine, totalling $1.7 billion in the
12 months to September 2009.

Maari oil now accounts for the bulk of this as volumes from the nearby Tui Field are declining.

Source: The Nation Business Review 24/7

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