These big developments are also expected to transform their junior partners.

Companies such as Maari partners Cue Energy and Horizon Oil, which have been cash-strapped in the past, will start receiving significant cashflows while also being exposed to more exploration upside.

With several shipments of light, sweet Tui crude already sold, partner Pan Pacific Petroleum is already counting the dollars.

And one junior, New Zealand Oil & Gas, is fortunate enough to have stakes in two big Taranaki projects – Tui and Kupe.

Managing director David Salisbury said there was potential for significantly increased reserves within the Tui and Kupe permits.

“We are looking at Taranaki right now for further opportunities,” he said.

The first phase of the $NZ1 billion Pohokura project, with its condensate-rich gas, has already started New Zealand’s climb in energy self-sufficiency from only 15% last year back towards the 50% levels the country experienced 10-20 years ago.

New Zealand fields produced less than 7 million barrels (MMbbl) of crude and condensate last year, compared to the previous record of about 22MMbbl of 1997. A new annual peak of about 28MMbbl is expected next year when Maari follows Tui and Pohokura in coming onstream.

Pohokura, which will flow over 8000 barrels per day, plus the now-flowing Tui oil (initial peak production of about 50,000bpd) and the later Maari crude output (initial peak production of about 35,000bpd), will lift that self-sufficiency to a peak of about 60% by 2008.

But it would take oil and condensate flows of more than 150,000bpd to make New Zealand self sufficient.