Offshore staff
SINGAPORE -- Australian Worldwide Exploration Ltd. expects the Tui development cost to remain within budget of $225 million, with about 5-10% cost overrun in case of bad weather during facilities installation and commissioning, and development drilling.
AWE managing director Bruce Phillips is confident of starting production at the field within the committed budget from the second quarter of this year, though he acknowledges the challenges being faced by exploration and production companies in managing costs.
"We have committed a $90-million six- to nine-month exploration program in the field to drill four plus one exploration wells," Phillips said at the christening ceremony for the FPSO *I*Umuroa*I*, which is to begin production on the Tui field in 2Q 2007.
Touching on regional plans, Phillips said AWE was focusing on four main markets – Australia, New Zealand, Indonesia, and India. AWE has three projects in Australia as equity partner in the Basker, Casino and Cliffhead fields, and in the Tui field offshore New Zealand.
2/15/2007
