OMV New Zealand, a subsidiary of Austria’s OMV, has been granted a 10-year extension of its petroleum mining permit (PMP) 38160 for the Maari oil field, located 80 kilometers offshore Taranaki, New Zealand. The permit, now valid until December 2037, allows continued production from the field, which has been operational since 2009 and recently surpassed 50 million barrels of oil produced.

The Maari field is managed by a joint venture led by OMV New Zealand (69%), with partners Horizon Oil (26%) and Cue Energy (5%). The extension enables the joint venture to sustain long-term production while exploring opportunities to optimize resources and enhance field performance. The field, encompassing the Maari and Manaia oil fields, is a mature asset in the Taranaki Basin, with oil extracted via the Tiro Tiro Moana wellhead platform and piped to the FPSO Raroa, anchored 1.5 kilometers away, for periodic offloading to tankers bound for refineries in New Zealand and Australia.

Cue Energy’s CEO, Matthew Boyall, stated: “This is exciting news for Cue and the Maari Joint Venture. We thank the New Zealand Ministry of Business, Innovation and Employment (MBIE) for granting the permit extension. The 10-year extension provides the joint venture with valuable time and flexibility to continue optimising current production and evaluate new opportunities to enhance the long-term performance of Maari.”

Recent operational efforts, including well workovers and production optimization, have boosted output to an average of 5,600 barrels per day in August 2025, the highest monthly rate in over five years. These improvements highlight the asset’s ongoing value and the effectiveness of the joint venture’s investments in the Taranaki Basin.

The permit extension follows a period of regulatory challenges, as Jadestone Energy withdrew its bid to assume the operator role in 2022 due to prolonged delays in securing approval. The New Zealand government’s approval of the extension underscores confidence in the joint venture’s ability to manage the field responsibly and efficiently.

The Maari project supports regional energy needs by supplying oil to domestic and Australian markets, contributing to economic stability in the Taranaki region. The extended permit provides a framework for sustained production and potential enhancements, ensuring the field remains a key contributor to New Zealand’s energy sector while aligning with industry standards for efficiency and reliability.