New Partner In Oil Venture
(New Zealand Press Association)
WELLINGTON, August 5.
The 8.P.-Shell-Todd consortium, which has been searching for oil on the East Coast of the North Island, and a large French international oil company, the Societe Nationale des Petroles d’Aquitaine, are to become active partners in the exploration venture which is to continue in the Poverty Bay, Hawke’s Bay and Wairarapa districts.
A great deal of work has been done on the East Coast. If the search is to continue more capital must be expended in addition to the £2f million spent In the last seven years on geological and geophysical surveys and in the drilling of two test wells. The French company will commence operations soon
from the consortium’s Gisborne field office and will embark on an agreed programme of exploratory work, which will include the drilling of further test wells. The arrangements do not affect the consortium’s exploration activities in Taranaki, the West Coast of the South Island, or Canterbury.
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Bibliographic details
Press, Volume CIII, Issue 30512, 6 August 1964, Page 1
Word Count
164New Partner In Oil Venture Press, Volume CIII, Issue 30512, 6 August 1964, Page 1
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