New Zealand energy firm recruits German muscle

The MS Sophie is capable of hauling almost 300,000 barrels of oil and will play a vital roll in the Australasian oil supply chain.

Todd Energy has a new chartered oil tanker to deliver growing volumes of oil to refineries on the east coast of Australia and possibly New Zealand.

From next month the MS Sophie will begin shipping Todd's 16 per cent and Cue Taranaki's 5 per cent of the offshore Maari field which is expected to produce 35,000 barrels a day.

Over its 10-15 year life, the field is expected to produce 50 million barrels of oil which will be first held in a storage vessel at the field about 85km offshore.

As well as Maari oil, the Sophie will be transporting Todd Energy's share of Pohokura oil (26 per cent) and McKee Blend Crude (100 per cent).

Todd Energy managing director Richard Tweedie said the charter gave Todd greater control, management and integration of its business interests.

The Sophie is 176m long, can carry just under 300,000 barrels and is expected to carry a load of Todd oil from Taranaki every 20 to 22 days.

"With Maari coming on to full production as well as our other interest we will close to double our oil production in New Zealand. The Sophie will play a very important role in getting our production to the market."

The German-owned Sophie replaces The Savannah, a tanker which Todd also chartered in 2007 but whose two-year term of lease expired this month.

Tweedie said with ship charter prices down, Todd was able to get a better deal than on the previous vessel.