By OGJ editors
HOUSTON, Oct. 29 -- The PEP 38460 prospect joint venture, led by New Zealand Overseas Petroleum Ltd. (NZOP), has declared commercially viable the Tui-Amokura-Pateke oil fields in the Taranaki basin off New Zealand.
The declaration was based on a proved and probable reserves base of 20-30 million bbl of oil, which would be developed from three or four subsea wells tied back to a floating production, storage, and offloading facility (FPSO). Costs for subsea and subsurface components are expected to be $120-150 million—or more if an FPSO is purchased rather than leased.
NZOP, a subsidiary of Transworld Exploration & Production Inc., Houston, is operator of the fields and holds a 45% interest. Other participants are Australian Worldwide Exploration Ltd. subsidiary AWE New Zealand Pty. Ltd. 20%, Mitsui E&P New Zealand Ltd.12.5%, Stewart Petroleum Co. Ltd. 12.5%, and WM Petroleum Ltd. 10%.
The group has approved funding for front-end engineering and design, which could allow final project sanction in June 2005. First oil is planned for second half 2006.