Oh goodie,
An oil exploration company wants to turn the East Coast into the “Texas of the south”, writing of the potential to build thousands of oil wells in the largely untouched region of New Zealand.
TAG Oil, which recently sparked controversy by expanding its operations in Taranaki, has told investors in North America the East Coast is “literally leaking oil and gas”.
The comments are made in a document the company presented to investors in North America in December.
The 28-page paper – titled TAG Oil: 2011 – A Record Year, which the Sunday Star-Times obtained last week – said the company had identified 1.7 million acres (687,966ha) of “conventional and unconventional targets” on the East Coast of the North Island. There was potential for “billions of barrels” of oil.
“Thousands of sections of land provide potential for thousands of wells,” the document said. “East Coast Basin is literally leaking oil and gas.”
One of the company’s business goals in 2012 was “New Zealand land acquisitions”, it said.
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Tags: New zealand, Oil drilling, TAG oil, Texas
