Minister welcomes oil announcement

Energy and Resources Minister Simon Bridges has welcomed the news that a new oil well has gone into production in Taranaki.

“OMV announced overnight that the development well MR-8A has successfully started production and is expected to produce about 4,500 barrels a day,” Mr Bridges says.

The well is one of five being drilled in producing and new reservoirs in the Maari field around 80 kilometres off the Taranaki coast as part of the $400 million Maari Growth campaign.

The field was developed by OMV New Zealand and began production in 2009.  At its peak it was producing more than 35,000 barrels of oil a day.

“This is good news and clearly signals the campaign’s potential.  I’m really pleased to see OMV’s investment starting to pay off.

“Our hard work in this area has delivered significant levels of exploration activity,” Mr Bridges says.

Spending on exploration and development-related activities in New Zealand over the past two years totalled nearly $3 billion.

“Interest in Block Offer 2014 has been strong and I’m looking forward to announcing the results before the end of the year.

“The Government remains committed to developing our oil, gas and mineral resources in a sensible, safe and environmentally responsible way.”