From Radio NZ 6 mins ago. PR machine is rolling!
Oil production started at the Tui oilfield overnight.
The oilfield, which is in the Taranaki Basin, was discovered three years ago and development was fast-tracked to achieve production.
The development is a joint venture between AWE, Mitsui, New Zealand Oil & Gas and Pan Pacific Petroleum.
New Zealand Oil & Gas, which holds a 12.5% stake, says the turnaround time is one of the fastest in New Zealand history.
Chief executive David Salisbury says 30% of the field's potential production is expected to be recovered within the next 12 months.
The first shipments of oil have already been sold and will be sent to the east coast of Australia.
The price is benchmarked against Tapis oil, which has traded in the range of $US70 to $US80 per barrel since April.
oil production started at the tui
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