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| Project: |
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Tui Area oil project
Click here to download the fact sheet.
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| AWE Equity: |
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42.5% and Operator
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| Location: |
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PMP 38158, offshore Taranaki Basin, New Zealand
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| Joint Venture: |
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| Mitsui |
35.0% |
| NZOG |
12.5% |
| Pan Pacific |
10.0% |
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| Initial Discovery: |
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Tui-1 drilled in 2003
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| Development Schedule: |
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| Project Approval |
2005 |
| First Oil Produced |
2007 |
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| Development Cost: |
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US$270 million, excluding lease costs of FPSO
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| Current Production: |
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Oil output reached its expected plateau rate of 50,000 bopd in late 2007. The current production rate remains approximately 11,000 bopd.
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| Brief description: |
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Tui oil is produced from four wells, linked to a leased Floating Production Storage and Offloading (FPSO) vessel. The Tui joint venture leases the FPSO, at an initial cost of approximately US$178 million for the first phase of the project. The FPSO has a storage capacity of 700,000 barrels of stabilized crude oil.
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| Ultimate Recoverable Reserves (2P): |
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50.5 million barrels of oil
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