New Zealand Oil's Tui project is nearing its target production, the company said.
In the Taranaki region on the northwest coast, the oil field is increasing its production rate and has neared its target of maintaining production at 50,000 barrels a day, the New Zealand Times reported. Production at the offshore field averaged 49,302 barrels a day last week, since production began at the end of July.
Economists estimated that Tui will add 0.3 percent to third-quarter gross domestic product. About 4.5 million barrels have been shipped, mainly to refineries on the east coast of Australia, since production began. The next shipment is due in early December, Tui partners said.
Stakeholders in the joint venture include AWE, the operator with 42.5 percent, Mitsui with 35 percent, Pan Pacific Petroleum with 10 percent and NZ Oil and Gas with 12.5 percent.
Copyright 2007 by UPI
