Tui production forecast at 2.8 million barrels in 2010/11

Monday 5th July 2010

Production from the Tui oilfield is expected to be down by two million barrels to 2.8 mmbs in the year to June 30, 2011, 12.5% participant in the field, New Zealand Oil & Gas, said this morning in an update to the NZX.

Total Tui production in the year to June 2010 was 4.8 billion barrels, trending down in line with expectations after two high production years in 2007 and 2008, which accounted for most of the 28.2 mmbs extracted so far.

Production in the current year is estimated to be around 300,000 barrels lower than would otherwise have been possible because of an extended shut-in at the Pateke-3H well, one of four production wells in the field.

Repairs are required to Pateke's artificial lift system, and will require the use of the Kan Tan IV oil rig, which is currently drilling an exploration well for the Tui consortium at Kahu-1 and is then booked for drilling in the Tuatara prospect near D'Urville Island, and then will go to Origin Energy to drill two exploration wells Korimako-1 and Tarapunga-1 in the offshore Northland Basin.

The exact amount of lost production would be dictated by timing of rig availability and the extent of repairs required, NZOG spokesman Chris Roberts told BusinessWire.

Remaining recoverable reserves in Tui are estimated at 22.3mmbs.

Businesswire.co.nz

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