Fracking company Tag Oil buys land in Taranaki
Tag Oil, the fracking company associated with a potential oil strike worth $600 million, has acquired land at Inglewood, just south of New Plymouth.
It has bought 12.9ha from the Boddington family at Upper Durham Rd.
The Canadian oil and gas explorer operates exclusively in New Zealand.
It has been exploring on land in the Taranaki area and plans to use the controversial fracking method that opponents say may cause aquifer contamination and earthquakes.
The purchase of the land will facilitate Tag’s current and proposed future operations and activities in relation to the Sidewinder discovery in Taranaki.
The Overseas Investment Office gave the go-ahead on the basis that Tag has offered to sell a riverbed to the Crown, that it has previous investments and that the move will “advance significant government policy or strategy; economic interests; and an undisclosed 'mitigating factor'".