New Zealand’s discovery potential has been compared to major producing regions such as California and Norway and is recognized as one of the few remaining untapped oil and gas frontiers in the world. This major potential has attracted the world’s most prominent international explorers such as Statoil of Norway, US-based Chevron, the Indian government-controlled ONGC Videsh and others. With fewer than 300 wildcat wells drilled, this prolific, region is still in its infancy — major discovery potential remains. With reported proved oil reserves of 534 million barrels and proved gas reserves of 7.3 trillion cubic feet discovered, TAG is firmly positioned with its fertile hunting grounds.
New Zealand is an economically developed country where TAG Oil can continue to explore, develop and produce for years to come, enjoying the benefits of an international oil and gas portfolio without the political and economic disadvantages associated with many other parts of the world. New Zealand’s permitting regime and fiscal terms are ranked among the best in the world, oil produced is sold at premium world prices, and there is a thriving domestic natural gas market.
For more information on New Zealand oil and gas exploration, as well as the latest news, maps and publications, please access New Zealand’s Crown Minerals website.