NZOG and its JV partners are lapping up the profits from their...

NZOG and its JV partners are lapping up the profits from their TUI production.

Latest figures released by NZOG indicate that up to Wednesday 16th April approx 11.15 million barrels of oil had been produced (14 April announcement indicated 11 mbo had been produced)

Of the 16 April production total 11 million barrels had been shipped.

NZOG's share of total production (16/04/08) was given as 1.39 mbo.

Another interesting little matter of fact comment on the web site page about TUI is this observation :
" Tui oil is a light sweet crude that is generally sold, with freight and quality differentials, against the Tapis benchmark crude. For the 5 months up until 31 December 2007, the net return to NZOG was just under US$89 a barrel. After the first three months of 2008, the average return has increased further. "

That last sentence is a lovely understatement of the situation. Truthful but hardly revealing the real nature of the increase.