When the Maari field reaches its initial peak production rate of about 35,000 barrels of oil per day later this year, Cue Taranaki and Todd expect to load cargos every three weeks or so. The oil will be sold to east coast Australian refineries.
“This represents another successful milestone for Cue Taranaki ” said Cue Taranaki’s chief executive officer, Bob Coppin. “The Maari oil production substantially enhances our existing oil production from the SE Gobe field in Papua New Guinea and the Oyong field in Indonesia.”
The participants in the Maari field are:
Cue Taranaki Pty Ltd 5%, OMV NZ Ltd (operator) 69%, Todd Maari Limited 16%
Horizon Oil International Limited 10%.
