OIL SEARCHES IN NEW GUINEA
THREE BIG FIRMS ENGAGED AUSTRALIAN INTEREST AND ASSISTANCE (Rec. 7 p.m.) CANBERRA, January 14. The Australian Government . is directly interested and is giving assistance in the search for oil now being pursued in the jungles of Papua add New Guinea, according to the Minister of External Territories (Mr E. Ward). He said that three of the world’s largest petroleum organisations were using large capital and the latest technical developments in prospecting for oil. In Papua, the Anglo-Iranian Oi] Company and the Standard Vacuum Oil Company of New York were operating through the Australasian Petroleum Company Proprietary, Ltd., in which a large proportion of the shares were held by Australian investors who were shareholders in Oil Search, Ltd.
One bore was now at a depth of more than 5000 feet. Independently, the Papuan Aninaipi Petroleum Company. Ltd., was prospecting and sinking bores. It had already received financial and technical assistance from the Commonwealth, for which the terms of repayment included a share in profits. Royal Dutch Shell was also entering the field.
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Press, Volume LXXXIII, Issue 25083, 15 January 1947, Page 3
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176OIL SEARCHES IN NEW GUINEA Press, Volume LXXXIII, Issue 25083, 15 January 1947, Page 3
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