New Zealand Petroleum and Minerals has awarded TAG Oil Ltd., the Canadian oil and gas production company, 100% interest in two new onshore Taranaki Basin permits: Petroleum Exploration Permit 57065 (Sidewinder North) and Petroleum Exploration Permit 57063 (Waiiti).
The permits add to TAG’s Taranaki Basin exploration portfolio and are situated in a prolific oil and gas production fairway in close proximity to producing oil and gas fields. The new acreage adds to TAG’s existing production operations, production infrastructure and pipeline network. It will also enable the company to commercialise future wells in an expenditure manner.
The Waiiti permit in the northern area of the Taranaki Basin will offer the company the opportunity to explore both shallow Miocene oil and deep Eocene condensate-rich gas.
With the company’s current permits, TAG operates 10 exploration and production permits in Taranaki Basin.