EXPLORATION WORLD
natural gas produced in the country is sold in New Zealand without the added costs accrued by shipping overseas .
Meanwhile , the company ’ s crude oil is shipped to primarily Asian markets such as China , Japan and India , which require oils with very low sulfur content , and sold at a premium . From there the company imports cheaper oil back from the Middle East to refine into gasoline and diesel for use in New Zealand .
“ We ’ ve got the choice of either consuming that oil here or shipping it offshore ,” Cadenhead said . “ There ’ s an insatiable thirst for oil in the Southeast Asia part of the world . It ’ s a great place to find oil . It ’ s a great place to find high quality oil in particular . As I said , we ’ re netting back on our oil sales here probably close to $ 80 a barrel right now .”
Cadenhead said he could see the company taking a number of paths in the decade to come . Most exciting would be proving commercial viability on their unconventional plays in the East Coast Basin .
“ If the unconventional play starts to work for us and we can have success with the proof of concept of being able to flow hydrocarbons from those multi-billion barrel reservoirs that we see over on the East Coast Basin , that ’ s a completely different ball game ,” he said . “ Most likely , TAG , at the size that we are , would get bought out by a Major at that point .”
Company Information
INDUSTRY
Oil and Gas
HEADQUARTERS
Vancouver , Canada
FOUNDED
2002
EMPLOYEES
25
REVENUE
$ 57,546,899 ( 2014 )
PRODUCTS / SERVICES
TAG Oil is a Canadianowned exploration and production company for both oil and gas that operates exclusively in New Zealand . By merging the styles of both countries , the company has been able to solve problems no one else has , becoming the busiest explorer in New Zealand . With a small staff size , the company is able to stay highly-adaptive to an evolving energy market and act fast to capitalize on growth opportunities .
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