OMV New Zealand to buy vessel for Maari oilfield operations

11/15/2012

OMV New Zealand to buy vessel for Maari oilfield operations

BY ARPAN MUKHERJEE

WELLINGTON -- OMV New Zealand said it will buy a vessel, The Raroa, for its offshore Maari oil field operations from Tablelands Development for an undisclosed sum. The company, which is part of Austrian oil and gas company OMV, has a 69% stake in and operates the Maari offshore field, off the west coast of New Zealand's North Island. Todd Maari has a 16% stake in the field, Horizon Oil International has 10% and Cue Taranaki has 5%.

OMV currently leases the vessel from Tablelands. The Raroa has been operating in the offshore Maari oilfield since 2009, OMV said in a statement, "We see the purchase of The Raroa as an integral part of our investment strategy for the Maari field," OMV New Zealand Managing Director Peter Zeilinger said in a statement.

The transfer of ownership of The Raroa, a floating, processing, storage and offloading vessel, will be effective March 8, 2013."The company plans to tie in new reservoirs through drilling of additional wells," Mr. Zeilinger said, adding that the ownership of The Raroa will give the company flexibility and control on any upgrade and refurbishment work that might be required to meet anticipated field life and production.
 
Earlier this year, Mr. Zeilinger had said that the company planned to drill four to five wells in 2013 and 2014 at the Maari oilfield. The oilfield has produced 20 million barrels of oil since production started in February 2009.

Dow Jones Newswires

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