thanks clotski i hope you dont mindwhats 10% of 2 billion?whats...

thanks clotski i hope you dont mind

whats 10% of 2 billion?

whats ppp market cap?


http://www.stuff.co.nz/dailynews/4636026a6002.html

Sweet Tui crude defies expectation
By ROB MAETZIG [email protected] - Taranaki Daily News | Wednesday, 30 July 2008

Taranaki's Tui oilfield has ended its first production year as the superstar of the New Zealand energy scene, earning a massive $2 billion in revenue.

The field's production profile is front-end loaded - with heavy production at the start of its life, then rapidly tapering away for the rest of its 15-year career.

When production officially began on July 27 last year, it was thought it would start at 50,000 barrels of oil a day, then quickly drop to around 15,000 a day by the end of the first year.

But instead, the field has defied all predictions by pouring out an average of more than 40,000 barrels a day over the entire 12 months.

"Tui has stayed stronger for longer," said Dennis Washer, the New Plymouth-based New Zealand country manager for the field's operating company, AWE New Zealand.

"We're delighted. Given the current high world prices for crude oil, this has been the perfect time for Tui to prove itself more robust than originally anticipated."

This production was achieved despite various technical challenges and some very rough weather and sea conditions at the Tui field 50km off the Taranaki coast, where four undersea wells feed to a permanently-moored floating storage and offloading vessel.

The worst conditions encountered so far have been massive swells of up to 14.2 metres recorded from a wave buoy in the nearby area last week.

But despite that, the field has been able to continue to produce oil every day - although a couple of times its production has been curtailed because of the severe weather, to avoid a `tank tops' (full storage capacity) situation.

"We've also had other challenges, as you do with any new facility," said Mr Washer.

This included a pollution incident last year that saw 23,000 litres of crude inadvertently spilled into the sea.

"That was the major blemish on our operations for the year. A huge amount of effort has gone into making sure we do everything possible to prevent a reoccurrence of that type of incident," he said.

So far the field has received 50 visits by tankers to take on board consignments of the oil.

The light sweet crude, which commands high international prices, has been exported to Australia and Asia - and, for the first time last week, to Hawaiian refineries in United States.

Mr Washer paid a special tribute to all the contractors and various support services who had contributed to the success of Tui.

"It's been a great team effort," he said.