KEY POINTS:
Maari oil field has started producing oil.
The Maari field, 80km off Taranaki, is expected to yield 50 million barrels of oil over its 10 to 15 year life.
Field producer OMV has drilled two wells over the past year. It plans to drill eight wells and says once full production is under way it will have tankers shipping oil fortnightly.
Energy and Resources Minister Gerry Brownlee welcomed the news the first oil had flowed.
"This is beneficial to New Zealand's economic development. It's created work in the Taranaki region and assists in royalties to the Crown," he said.
The Crown was estimated to get $1.5 billion in royalties and taxes over the life of the field, he said.
- NZPA
