MELBOURNE, Dec. 16 -- A consortium led by OMV New Zealand Ltd. has signed a letter of intent with Clough Ltd. of Perth for a contract to build and install the Maari oil field wellhead platform in the Taranaki basin off New Zealand.
The final agreement for the $170 million (Aus.) contract will be completed in a month. Clough will undertake engineering, procurement, construction, and installation of facilities related to the platform.
Clough will apply its self-elevating DrillAce platform concept implemented in 2004.
Maari field, discovered in 1983, lies in 100 m of water about 80 km off the North Island. Development comprises the wellhead platform with five producing wells and three water injectors tied back to a floating production, storage, and offloading vessel and shuttle tanker export arrangement. Total development costs are estimated to be $360 million.
Production is expected to reach 35,000 b/d, staring in first quarter 2008. Reserves are estimated at 50 million bbl.
Field interests are OMV 69%, Horizon Oil Ltd. 10%, Todd Petroleum Mining Co. Ltd. 16%, and Cue Inc. 5%.