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

 


Purchase of FPSO Raroa announced; MODEC awarded contract


OMV New Zealand

Media statement

14 November, 2012

Purchase of FPSO Raroa announced; MODEC awarded operations contract

Operator of the Maari Field, OMV New Zealand, today announced the Maari Joint Venture’s decision to exercise its option to purchase the Floating Processing, Storage and Offloading (FPSO) vessel Raroa.

The Raroa has been operating at the offshore Maari oil field since 2009 and is currently leased from Tablelands Development Ltd to the Maari Joint Venture. The lease includes an option to purchase the Raroa after the fourth contract year at a pre-agreed buy-out price.
“We see the purchase of the Raroa as an integral part of our investment strategy for the Maari Field. We plan to tie in new reservoirs through drilling of additional wells. Ownership of the Raroa will give us both flexibility and control, which is particularly important in terms of upgrades and refurbishment that may be required to meet anticipated field life and production,” Peter Zeilinger, Managing Director of OMV New Zealand stated.
The transfer of ownership will be effective as of March 8, 2013.

MODEC Management Services Pte Ltd has been awarded a contract to provide operations and maintenance services for the Maari Field. The initial contract period is until the end of 2017 with options to extend in two year increments. MODEC currently operates 15 FPSO vessels worldwide, including three offshore Western Australia. It is considered one of the world’s leading providers of operations and maintenance services for floating production units.

The award was based on an extensive pre-qualification and tendering process carried out by OMV, on behalf of the Maari Joint Venture, over the past year.

Mr Zeilinger said they were pleased to be working with MODEC and looking forward to benefiting from their vast international experience in operations and maintenance.

“We wanted to engage with a service provider with extensive international capabilities and experience and we wanted the services to focus on the offshore facilities’ safety, integrity and efficiency.We feel that we have achieved these goals.”

OMV New Zealand Ltd holds 69% interest in the Maari permit and operates it on behalf of joint venture partners Todd Maari Ltd. (16%), Horizon Oil International Ltd. (10%) and Cue Taranaki Pty Ltd. (5%).

Note to editors:

The Maari Field is New Zealand’s largest producing oil field and recently reached a production milestone of 20 million barrels from the field. First production at Maari occurred in February 2009.

The Floating Processing, Storage and Offloading (FPSO) vessel Raroa is a converted oil tanker which was modified at the Jurong shipyard in Singapore. It is approximately 250 metres long and 40 metres wide. It came to New Zealand in 2008 and has been moored on the Maari site since then and sits about 1.5 kilometres from the wellhead platform (WHP) Tiro Tiro Moana.

The Raroa’s main function is to separate the raw production from the wells into oil, gas and water and then store oil for offloading to a conventional tanker. It has storage capacity for about 600,000 barrels and a daily production capacity of up to 40,000 barrels of oil per day.

About OMV in New Zealand

OMV New Zealand is the country’s largest liquid hydrocarbon producer, the third largest gas producer, and a major explorer in offshore Taranaki and the Great South Basin off the coast of the South Island.

It has been active here since 1999 when it acquired shares in the Maari oil discovery which it developed and now operates. Focusing strictly on exploration and production in New Zealand, OMV New Zealand currently holds shares in the Maui and Pohokura gas fields and the Maui pipeline. In addition, OMV New Zealand also has a number of offshore exploration permits in the Taranaki and Great South Basin regions.

OMV has invested over NZ$1.6 billion in New Zealand to date. In 2011, it paid over $221M to the Crown in taxes and royalties.

OMV New Zealand is a subsidiary of OMV Aktiengesellschaft, also known as the OMV Group.

OMV Aktiengesellschaft

With Group sales of EUR 34.05 bn and a workforce of 29,800 employees in 2011, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. OMV had proven oil and gas reserves of approximately 1.13 bn boe as of year-end 2011 and a production of around 288,000 boe/d in 2011. In Gas and Power, OMV sold approximately 272 TWh of gas in 2011. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 101 bcm in 2011. With a trading volume of around 40 bcm in 2011, OMV’s gas trading platform, the Central European Gas Hub, is amongst the most important hubs in Continental Europe. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and as of the end of 2011 approximately 4,500 filling stations in 13 countries including Turkey. OMV further strengthened its position through the ownership of a 97% stake in Petrol Ofisi, Turkey’s leading company in the retail and commercial business.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: 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>>

ALSO:

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>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news