Permit: PMP38158 Tui (AWE 57.5%, Operator)
Location: Offshore Taranaki Basin, New Zealand
AWE has a 57.5% interest in, and is the Operator of, the Tui Area oil project in the Taranaki Basin offshore the west coast of the North Island of New Zealand. Oil is produced from four wells at the Tui, Amokura and Pateke oil fields via subsea wells connected to the Floating Production Storage and Offloading (FPSO) vessel, the ‘Umuroa’. The FPSO has a storage capacity of 700,000 barrels of stabilized crude oil.
The sub-sea connection and commissioning work to tie-in the Pateke-4H well to the Tui field production facilities has been completed, with oil production commencing in April 2015.
The joint venture has exercised the first of seven one-year optional extensions of the FPSO charter period, with the lease extended to end 2016. The remaining options, if all exercised, would retain the FPSO until the end of 2022.
AWE shareholders are being asked to consider a takeover bid from Mitsui & Co,. Ltd.
Listed on the Australian Securities Exchange (ASX), AWE has reshaped itself to operate in a low oil price environment with a near-term focus on domestic gas production.