Hon Gerry Brownlee
Minister of Energy and Resources

25 February 2009 Media Statement

Maari Oil Flows

The announcement about the flow of first oil at the Maari oil field is a welcomed achievement and a timely reminder of our untapped resources said the Energy and Resources Minister Gerry Brownlee.

The Maari field is 80 kilometre’s off Taranaki’s coastline and expected to yield 50 million barrels of oil over its 10 to15 year life.

Over the last year the field producer, OMV, has drilled two wells, plans to drill eight wells in total, and says once full production is underway it will have tankers shipping the oil every fortnight.

The Energy and Resources Minister, Gerry Brownlee, says Maari was previously the country’s largest undeveloped field, and he’s pleased OMV has had a successful outcome to its decision to develop it.

“This is beneficial to New Zealand’s economic development, its created work in the Taranaki region and assists in royalties to the Crown,” said Mr Brownlee.

“In fact it’s estimated the Crown will receive revenue of $1.5 billion in royalties and taxes over the life of the field.”

“These are just some of the downstream benefits from encouraging oil exploration in this country and I am keen to accelerate exploration here,” he said.

ENDS

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