Maari close to sanction

Offshore staff

(New Zealand) - OMV and its partners have announced approval for development of the Maari oil field, 80 km offshore New Zealand's South Taranaki coast. An application for a Petroleum Mining Permit has been submitted to the Ministry of Economic Development.

All the project's major work components have been tendered, with main development contracts likely to be awarded in the next few weeks.

The field, discovered in 1983, lies in 100-m water depth. OMV plans to install a normally unmanned wellhead platform and an FPSO for oil production and storage.

All five production wells, plus three water injectors, will be drilled from the same seabed location, with the wellheads located on the platform to aid planned and unplanned intervention.

There will also be spare slots on the platform for future wells from Maari or satellite tiebacks. First oil is expected in spring 2008; building to a plateau production rate of 35,000 b/d. Estimated reserves and field life are respectively 50 MM bbl and 10 years.

11/21/05