SYDNEY, Australia -- The Tui Area oil fields achieved a record month of production in December, according to New Zealand Oil and Gas Ltd. (NZOG).
NZOG holds a 12.5% interest in Tui, which is situated off the Taranaki coast. Production from the area began in July 2007, and by December 2007, approximately 6.4 MMb/d of oil had been produced, at an average rate of production of more than 41,000 b/d.
Technical modifications were made to the production facility, allowing daily production rates to increase. As a result, a monthly production record of approximately 1.5 MMbbl was achieved in December; an average of over 48,000 b/d.
In November 2007 proved and probable (2P) reserves in the Tui Area oil fields were upgraded by the operator to 41.7 MMbbl, almost 50% higher than the estimated reserves of 27.9 MMbbl on which the project was sanctioned.
Participants in Tui Area oil fields are:
Australian Worldwide Exploration (operator): 42.5%
New Zealand Oil & Gas: 12.5%
Mitsui E & P Australia: 35.0%
Pan Pacific Petroleum NL: 10%