Region braces for $1.5b boom

Thursday 1 July 2004

Landmark decisions on the development of two major Taranaki offshore gas fields were announced yesterday – kick-starting what promises to be a $1.5 billion boom for the region.

By The Landlord

The owners of North Taranaki's Pohokura gas field yesterday made the final investment decisions on the $900 million development project.

Initially the project will see installation of one offshore platform, up to nine production wells drilled both offshore and via an "extended reach" method from onshore, construction of an onshore production station at Motunui, and the laying of pipelines both offshore and onshore.

And the operator of South Taranaki's Kupe field yesterday announced that Australian company Worley has been awarded the contract to carry out what is known as front-end engineering design for the field's development project, which is expected to cost up to $400 million.

Combined, these two projects promise to result in exciting times for Taranaki for at least the next two years as millions of dollars are spent in the region during the field development and production plant construction.

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