Tui Oil Reserves Reach 50MM Barrels

Operator of the field Australian Worldwide Exploration said the increase in the initial proven and probable reserves after a detailed review, was consistent with the strong field performance since production of oil began on July 31, 2007.

Total field production 11 months preceding June 30, 2008 was forecast to be 14.2 million barrels.

Oil production is forecast to reduce to 9 million barrels for the 2008-2009 financial year.

In early June, production averaged 42,500 barrels per day, just below maximum capacity of about 50,000 barrels a day.

AWE said an additional development well in the Tui oil pool and several near field exploration wells are planned for early 2010.  These exploration wells if successful could be tied back to the moored FPSO vessel Umuroa which processes and stores oil before unloading to tankers.

New Zealand Oil and Gas, a partner in the Tui field, said that its share of production in 2008/2009 is now forecast to be 1.13 million barrels.

The latest 50.1 million barrels reserves figures are almost double Tui's original pre-drill reserves estimates of 26.8 million barrels.