Maari produces 20 Million barrels

Press Release – OMV New Zealand

OMV New Zealand is pleased to announce that the Maari oilfield has produced 20 Million barrels* of oil since production started in 2009.OMV | 1

OMV New Zealand

Media statement

1 November, 2012

20 Million Barrels produced from Maari Field

Maari development a continuing success story

Field makes significant contribution to New Zealand and OMV

New wells planned for Maari
OMV New Zealand is pleased to announce that the Maari oilfield has produced 20 Million barrels* of oil since production started in 2009.

“Production of 20 million barrels from the Maari field represents a major milestone in the success story of the Maari development. It took more than two decades from the time the field was discovered and well over 1 billion NZ$ in investments to get to first oil. Today Maari is the largest producing oil field in New Zealand,” said Peter Zeilinger, Managing Director of OMV New Zealand Ltd.

OMV became operator of the permit in 2002 and led the development on behalf of the joint venture after the green light for investment was given in 2005. First production was achieved in February 2009.

At initial peak rates the field produced up to 40,000 barrels* per day, since then it has naturally declined to a present capacity of about 12,000 barrels* per day. Water injection is used to maintain reservoir pressure and to slow the decline. Three water injection wells support seven oil producing wells, including New Zealand’s longest well, an 8 km “extended reach” well into the adjacent Manaia structure.

Maari provides a substantial revenue stream to the New Zealand Government and makes a significant contribution within OMV’s international portfolio.

“While 20 million barrels represent a large portion of New Zealand’s production it is only a fraction of the country’s annual oil use. But to put it into a global perspective, 20 million barrels of Maari oil could be refined into petroleum products which could fuel more than 30 billion km of travel.”

Mr Zeilinger said he believed Maari’s success to date has been due to the commitment of staff, contractors and partners and that they are eager for that to continue.

“OMV is in the process of finalising plans to drill additional wells which will target what we believe are untapped oil accumulations in the permit which should help to stabilise the natural production decline.”

OMV New Zealand expects that Maari will continue producing for at least another 10 years providing a steady source of energy and revenue from the Taranaki basin. OMV | 2

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

Background information:

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

Content Sourced from scoop.co.nz
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