Singapore-based Jadestone Energy has struck a deal to buy 69% of the Maari project offshore New Zealand from Austrian firm OMV for $50 million.
Maari is located about 80 kilometres south-west of New Zealand’s North Island.
It comprises the Maari and Manaia oilfields, which produce via a self-elevated jack-up wellhead platform and an FPSO.
The fields hold 2P reserves of 13.9 mm bbls of oil, and current production is 4,000-4,500 barrels per day, both on a net 69% basis.
The project has been producing since 2009, achieving peak production of 16,400 barrels per day in 2010.
The fields are expected to produce until 2031.
Paul Blakeley, CEO at Jadestone, said: “I’m delighted to establish a new operating presence in New Zealand and to begin building relationships with local regulators, communities, staff and other stakeholders.
“Adding the Maari Project to our growing portfolio of high-value assets in the Asia Pacific region demonstrates our ability to bolt on new assets and provides more than a decade of additional free cashflow, even in the 2P reserves only scenario, as supported by our external reserves audit.
“The Maari project adds both significant additional opportunity as well as diversity to our operations.
“New Zealand is a natural strategic fit for Jadestone, where we see many shared values with regards to sustainable energy investment, through maximising recovery of existing resources and world-class expectations for health, safety and environmental stewardship.”