Participants in PMP 38160 are:
|Horizon Oil International Limited
|OMV New Zealand Limited
|Todd Maari Limited
|Cue Taranaki Pty Ltd
During the 2016 calendar year, Horizon Oil’s working interest share of production from Maari Field was 451,384 barrels of oil. Crude oil sales were 472,871 bbl at an average effective price of US$46.98/bbl exclusive of executed hedging. Cumulative gross oil production from the field through 30 June 2016 was 31.6 million bbl.
The Maari Growth Program, incorporating 4 new wells which were designed to enhance production rate and oil recovery from the Maari and Manaia fields was completed with all wells brought on production early in 2016. Following completion of the Maari Growth Projects drilling program, gross production increased to in excess of 16,000 bopd.
The Maari joint venture’s work-over unit (WOU) equipment was reinstalled on the wellhead platform with recommissioining completed in late August 2015. The WOU has been and will continue to be used to carry out maintenance workovers and other activities such as adding perforations to further enhance production. The highlight of the workover campaign so far has been the MR8A well additional perforation which was completed during the final quarter, with the well now producing ~1,600 bopd. A similar workover is planned for the MN1 well in late August 2016.
The Maari joint venture carried out an upgrade of the FPSO Raroa’s mooring system during the year. The work, which will “future-proof” the mooring system for the next decade, was carried out during the final quarter, coinciding with the annual 10 day maintenance shutdown. The average oil production rate in the quarter was impacted by shut-in and restart periods while the foregoing activity was undertaken. The cost of the works was approximately US$4 million, net to Horizon Oil, before insurance recoveries. The Company anticipates that a significant portion of these works will be recovered from insurance.