Tui sets new production records

Production from the Tui Area Oil Project off New Zealand’s Taranaki coast has set new records, with output last week totaling 345,117 barrels or an average of 49,302 barrels per day.

This is the highest weekly production total to date, joint venture partner New Zealand Oil & Gas (NZOG) said. Since the start of production on 30 July, the Tui project has produced about 4.7 million barrels of oil, with 4.5 million barrels having been shipped, mainly to Australian refiners. These exports have contributed to record New Zealand trade figures for August, September and October. Economists have predicted that Tui production will add 0.3% to New Zealand’s GDP in the September quarter. Australian Worldwide Exploration (AWE) operates the Tui oil field with a 42.5% interest. Partners in the project are Mitsui (35%), NZOG (12.5%) and Pan Pacific Petroleum (10%).

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