An Austrian energy group has drawn its first oil from a drilling campaign in New Zealand.
OMV said that well MR-8A, which is part of the Maari redevelopment drilling campaign, has an estimated production capacity of 4,500 barrels of oil per day.
The firm will invest €205million in the campaign which has five drills producing new reservoirs.
The Maari JV partners are OMV New Zealand Ltd (69%, operator), Todd Maari Ltd (16%), Horizon Oil International Ltd (10%) and Cue Taranaki Pty Ltd (5%).
Completion is expected by mid-2015.
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