Cue Energy Resources has obtained a decade-long extension for its Maari oilfield permit in New Zealand, enabling continued production and resource optimisation through to 2037. The move follows a recent surge in output, marking the highest monthly production in over five years.
- 10-year extension granted for Petroleum Mining Permit 38160
- Permit now valid until December 2037
- Maari oilfield production recently reached 5,600 barrels per day
- Cue Energy holds 5% interest in the Maari Joint Venture
- Extension supports ongoing optimisation and field enhancement plans
Permit Extension Secures Long-Term Production
Cue Energy Resources Limited (ASX, CUE) has announced a significant regulatory win with the New Zealand Government approving a 10-year extension to Petroleum Mining Permit 38160. This permit covers the Maari oilfield, a mature offshore asset located about 80 kilometres from Taranaki, New Zealand. The extension pushes the permit’s expiry date to December 2037, providing the Maari Joint Venture with a stable platform for continued operations and strategic planning.
Production Milestone and Recent Performance
The timing of this extension is notable given recent operational successes. The Maari field has seen a production boost, with August 2025 output averaging 5,600 barrels of oil per day, the highest monthly rate in over five years. This uptick follows targeted well workovers and optimisation programs, underscoring the joint venture’s commitment to maximising the field’s value despite its mature status.
Strategic Implications for Cue Energy and Partners
Cue Energy holds a 5% stake in the Maari permit, alongside operator OMV New Zealand (69%) and Horizon Oil (26%). The extension not only secures Cue’s ongoing revenue stream from this asset but also grants the joint venture valuable time to explore further resource optimisation and potential field enhancements. CEO Matthew Boyall highlighted the importance of the extension, expressing gratitude to New Zealand’s Ministry of Business, Innovation and Employment and framing the permit renewal as a catalyst for long-term performance improvements.
Looking Ahead, Opportunities and Challenges
While the extension offers operational certainty, it also places a spotlight on the joint venture’s ability to sustain and potentially grow production from a mature field. The Maari oilfield has already produced over 50 million barrels since 2009, a testament to its significance in the region. However, ongoing investment and innovation will be critical to maintaining momentum amid fluctuating oil prices and evolving regulatory landscapes.
For Cue Energy, this development reinforces its position in the offshore New Zealand sector and complements its broader portfolio, which includes assets in Indonesia and Australia. Investors will be watching closely for updates on field enhancement initiatives and any shifts in production guidance as the extended permit period unfolds.
Bottom Line?
The Maari permit extension secures Cue Energy’s foothold offshore New Zealand, setting the stage for a decade of production and optimisation.
Questions in the middle?
- What specific field enhancement projects will the Maari Joint Venture pursue during the extended permit period?
- How will sustained production at Maari impact Cue Energy’s overall financial outlook and capital allocation?
- What risks could emerge from regulatory changes or market conditions affecting offshore oil production in New Zealand?