Main contracts have been awarded for the development of the Maari oil field, 35km south of the Maui gasfield, in Taranaki.
The operator, OMV New Zealand, with a 69 per cent share, and its partners Todd Maari Ltd (16 per cent), Horizon Oil International Ltd (10 per cent) and Cue Taranaki Pty Ltd (5 per cent) expect first oil to flow in early 2008, with an initial daily production rate of 35,000 bbl.
OMV said the wellhead platform was being built by Perth company Clough Ltd and the contracts for the provision and operation of a floating production, storage and off-loading (FPSO) vessel were awarded to Singapore company Tanker Pacific Offshore Terminal.