OPERATIONS

Tui approaches peak production

PRODUCTION at the five-month-old Tui oil field, offshore Taranaki New Zealand, has ramped up to j...

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Following modifications in November, production rates increased to an average of 48,000 barrels a day for December, or 1.5 million barrels for the month.

Tui has produced about 6.4 million barrels of oil since production started at the end of July.

The field is estimated to contain 41.7 million barrels of 2P (proved and probable) reserves.

Oil from the field is shipped to refineries on the east coast of Australia or in South East Asia.

Estimated production for the 2007/08 year is at least 11 million barrels, up from the earlier prediction of 10 million barrels.

Tui stakeholders are AWE, as operator with 42.5%, Mitsui with 35%, Pan Pacific Petroleum with 10% and New Zealand Oil and Gas with 12.5%.

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