OFF-SHORE OIL
New Search In Victoria (N.Z. Press Assn.—Copyright) MELBOURNE, April 28. Another company is planning to search for oil and gas off the Victorian coast. It may hire a sea rig to operate in Western Victoria waters in the Otway area. The company is FromeBroken Hill Company Pty. It is planning to join with a new partner in the search. It is negotiating a farm-out agreement covering its permit areas on shore and off-shore in the south-west of the State. (Esso Exploration has already struck gas in a sea well-off the Gippsland coast.) The chairman of Interstate Oil (Sir Maurice Mawby) told shareholders at the company’s annual meeting today that details would be given soon.
Interstate Oil has a onethird interest in FromeBroken Hill. Other partners are B.P. and Mobil. Sir Maurice Mawby said in reply to a shareholder that the farm-out arrangements, if successful, would mean bringing an off-shore drilling rig to Australia. He said Frome-Broken Hill held an off-shore oil exploration permit covering about 40,000 square miles between Port Phillip bay and the South Australian border. The decision to seek the farm-out was partly due to the high cost of off-shore drilling. He did not name the new partner.
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Bibliographic details
Press, Volume CIV, Issue 30737, 29 April 1965, Page 23
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202OFF-SHORE OIL Press, Volume CIV, Issue 30737, 29 April 1965, Page 23
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