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Apache pulls out of New Zealand oil, gas exploration - Report

U.S. oil company Apache Corp. is pulling out of its search with Tag Oil Ltd. for oil and gas in New Zealand' s East Coast basin of the coast of New Zealand' s North Island, Fairfax-owned news website Stuff reported Wednesday, citing Apache' s manager of public affairs John Roper.

It reports Apache has withdrawn from the project but will still spend NZ$120 million (US$101 million) to fund Tag Oil' s drilling of four exploratory wells.

01/15/2013

 

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