Taranaki oil field Tui is increasing its production rate and has neared its target of maintaining production at 50,000 barrels a day.
The offshore field averaged 49,302 barrels a day last week, the highest weekly total since production began at the end of July.
The week's production included
a one-day record of 56,467 barrels.
Tui production helped push exports up 26 per cent in October and boosted oil exports to a record high.
Economists forecast that Tui will add 0.3 per cent to third quarter gross domestic product.
Since the start of production, about 4.5 million barrels of the high quality oil have been shipped, mainly to refineries on the east coast of Australia.
The next shipment is due in early December, Tui partners said.
Proved and probable reserves have been upgraded to 41.7 million barrels, almost 50 per cent higher than earlier estimated reserves of 27.9 million barrels.
Estimated production for the 2007/08 year was increased to at least 11 million barrels from 10 million.
Tui partners are AWE, the operator with 42.5 per cent, Mitsui with 35 per cent, Pan Pacific Petroleum with 10 per cent and NZ Oil and Gas with 12.5 per cent.
- NZPA
