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

 

Rig arrives for Tui development drilling

Rig arrives for Tui development drilling

By Gavin Evans

June 12 (BusinessDesk) - Tamarind Resources is aiming to begin a round of development drilling at the Tui oil field off the Taranaki coast late next week.

The COSL Prospector rig arrived at the field early this morning, having spent four months in transit from Bergen, Norway.

Tamarind’s New Zealand country manager, Jason Peacock, said the rig’s arrival on-schedule and without incident is quite an achievement.

Some certification is still required, and the firm will spend the next seven to 10 days laying anchors and mobilising equipment and staff before drilling begins, he told BusinessDesk.

The four-year-old Prospector is a semi-submersible rig designed to operate in the harsh environment of the North Sea. It is 104 metres long, 70 metres wide and has accommodation for 130 crew. It can operate in water depths of 1,500 metres and can drill to 7,500 metres.

Tui lies in about 125 metres of water 50 kilometres off the coast and was the country’s biggest liquids producer when it was commissioned in mid-2007. It delivered almost 13.5 million barrels of oil in 2008, but that was down to 693,000 barrels in 2018, according to the latest annual government data available.

Kuala Lumpur-headquartered Tamarind is an expert in late-life assets. It bought out the former venture partners - AWE, New Zealand Oil & Gas and Pan Pacific Petroleum – in 2017. Low oil prices at the time meant the field could have faced decommissioning from the end of 2019.

Tamarind expects to spend about 135 days drilling three side-track wells at Tui. It has previously indicated that a successful campaign should deliver another 6-8 million barrels and extend Tui’s life into the mid-2020s.

Peacock said drilling will start in the more southerly Tui-3H well, and progress to Amokura-2H and then Pateke-4H.

The rig is then expected to be booked by OMV for a round of exploration wells off Taranaki and potentially a well in the Great South Basin.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Statistics: Consents Remain At Record Levels
There were 47,715 new homes consented in the year ended October 2021, up 26 percent compared with the year ended October 2020, Stats NZ said today. "The year ended October 2021 marks another record for the annual number of new homes consented,” construction statistics manager Michael Heslop said... More>>



Foodstuffs: New World & Four Square Trial NZ’s First Grocery Delivery Offer With Uber Eats

New World & Four Square have partnered with Uber Eats to unlock the first grocery offering available on the platform in Aotearoa. For New World and Four Square it’s yet another way to put New Zealanders first, particularly with those inevitable last-minute grocery needs... More>>

Digitl: Download 2.0 – Vodafone Wi-Fi Calling hits early milestone
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>



ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>


PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>



REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>