On 6th March NZO posted its latest oil production figure of 9.4mmbls. If one plots oil production since Tui commenced (I've recently done this in excel) it indicates no production decline at all to date.
NZO say average production of 45000 bbls since early January (their latest post 6 March). Water cut may be steadily increasing but NZO say at a significantly lower rate than previously anticipated. Although they add that production rates are forecast to decline in coming months (obvious) I suspect it might still be some time off.
To exceed the 'target' >12mmbls for the year, they only need to average 30000 barrels/day from now on which (barring unforseen disasters) looks as close to 100% certainty as one can get. My guess is Tui will deliver at least 40000 barrels per day for the remainder of 07-08, making about 12.75mmbls for the year. If water cut doen't affect oil production until post June, production will presumably continue around 45000 barrels per day, giving about 13mmbls for the year.
One wonders whether the JV may upgrade the field reserves again at some time.
On 6th March NZO posted its latest oil production figure of...
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