Maari mining permit granted

Partners in the Maari joint venture have been granted a permit to develop a $530 million oil field off the south Taranaki coast.

OMV, which owns a 69 per cent stake in the joint venture, said a petroleum mining permit had been granted and the first oil was expected by March or April 2008.

The permit grants the joint venture the rights to mine the 34sq km site for 22 years. The field contains an estimated 50 million barrels.

OMV said development contracts were expected to be awarded within the next few weeks.