Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Reserves increase by 30% at Tui Oil Project

Reserves increase by 30% at AWE’s Tui Area Oil Project

AWE, as Operator of the Tui Area Oil Project, has undertaken a reserve review which has resulted in an increased estimate of oil reserves at Tui by 30% to 41.7 million barrels. This compares with reserves of 27.9 million barrels on which the Tui Area Oil Project was originally developed and an interim estimate of 32 million barrels, following the completion of the development drilling campaign.

The increase in proved and probable (2P) reserves is based on interpretation of re-processed 3D seismic, a more detailed assessment of the Kapuni reservoir and the integration of the production data from the fields since production began on July 30, 2007. The increased reserves assume production from the existing four wells, plus the completion of an additional development well in the Tui oil field, Tui-4H. Preliminary planning for the drilling of this well has begun.

Oil Production Rates

Since the start of production on July 30, 2007, the Tui Area Oil Project has produced approximately 4.4 million barrels of oil.

Recent production rates of up to 50,000 barrels a day have been achieved, with the current well capacity still substantially higher than the processing capacity of the FPSO Umuroa.

Water is being produced from the field, but at substantially lower rates than expected from earlier field simulations.

Based on the current reservoir and facility performance and this upgrade in 2P oil reserves, AWE has revised the Tui gross oil production target for the year to June 2008 from 10 million barrels to approximately 11 million barrels.

AWE’s managing director Mr Bruce Wood said:

“The increase in 2P oil reserves is a great outcome for the Tui Joint venture. “To have increased the reserves by almost 50 per cent since the start of production is an outstanding achievement. “The Tui Area Oil Project will deliver strong returns for AWE shareholders for the long term.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news