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Maui Life Extension?
23 March 2006 - The Maui field, which has been the backbone of New Zealand's oil and gas supply, may now have an extended life beyond 2009.
The Maui field, which has been the backbone of New Zealand's oil and gas supply, may now have an extended life beyond 2009.
At the NZ Petroleum Conference, Steve Hounsell, managing director of OMV New Zealand Ltd, in his project update on the Maari field development said that studies were underway by OMV and Shell Todd and there would be some extended reach drilling linked to the Maari field development.
There was a degree of confidence, he said, that any new gas finds could see the joint venture “operating for some time.” OMV holds 10% of Maui with the balance held by the joint venture of Shell (83.7%) and Todd Energy (6.3%).
Hounsell made this comment in answer to questions at the conclusion of a presentation focused mainly on the Maari field, managed by OMV with an equity of 69%. This offshore field is projected to produce its first oil in March or April 2008 and be the linchpin for the Vienna-domiciled company to achieve an equity-based production from Taranaki operations in 2008 of almost 30,000 barrels of oil equivalent per day, exceeding that figure in 2009. However, the equity production is then projected to slip unless new discoveries are made in existing fields, new joint ventures, or acquisitions.
OMV also has a 10% equity in the Pohokura onshore-offshore project, which will begin production this year. The Pohokura joint venture is made up of OMV 26%, Shell Exploration NZ 30%, Shell Petroleum Mining 18%, and Todd Pohokura Ltd 26%.
In a separate presentation, the deputy project manager of Shell Todd Oil Services Pohokura, Milan Hendrikse, said that initially Pohokura would produce from three onshore and six offshore wells, with the offshore platform now being prepared to be placed on the seabed. It was being built in New Plymouth and would be an unmanned platform without a helipad or crane.
Pohokura’s development could cost $NZ900 million and is based on reserves of 700 bcf of gas and 42.8 mmbbls of condensate. The initial production target is 50 bcf of gas and 3 mmbbls of condensate per annum. By 2015, output is projected to be down to 30 bcf of gas and 2 mmbbls and by 2025 it is estimated to be down to 12 bcf and 0.5 mmbbls.
