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A gear failure at the floating tanker that takes oil from the Maari offshore Taranaki oil field has forced its closure earlier than a planned shutdown in September, with production now suspended until December.
The field's 69 percent owner and operator, OMV New Zealand, announced today the floating tanker Raroa will be disconnected and towed to a New Zealand port for maintenance and a previously planned upgrade.
"While off station, a new swivel, which allows the vessel to rotate around its mooring will be installed," said OMV in a statement.
Publicly listed Horizon Oil and Cue Energy own 10 percent and 16 percent of the field respectively, with Horizon announcing today it expected to defer cashflow of around US$5 million as a result of the US$70 million upgrade and repairs, some of which will be covered by insurance.
"A scheduled annual shutdown for maintenance and construction work was planned in September and the wider Maari growth investment programme had already included the purchase, refurbishment and upgrade of the Raroa," said OMV in a statement.
"Bringing all the work forward into one package now ensures the field facilities will be fully upgraded prior to the first new wells coming on stream next year."
Two oil rigs are scheduled to drill in the Maari and adjacent Manaia prospects over the coming summer months. The Kan Tan IV was scheduled to spud in the first well well, Manaia-2, today, which the Ensco-107 rig will start work in the Maari field in the first quarter of 2014.
Horizon reported earlier today that ongoing problems with pumping equipment had hampered production at Maari over the last year.
(BusinessDesk)
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Maari field shut early for major upgrade
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