New joint plan for oil well
Parliamentary reporter
A new oil well will be drilled south of the Maui field if agreement is reached between the Government and Aquitaine and its partners. The Minister of Energy Resources (Mr Gair) said that Aquitaine and partners wished to continue to participate with the Government in off-shore exploration. Aquitaine’s partners are Odeco (United States), Murphy (United States), L and M Oil (N.Z.), Ltd, Beach Petroleum N. L. (Australia), and the Home Oil Co, Ltd, (Canada).
Mr Gair said that the proposed well south of the Maui field would be known as North Tasman 1. The Government’s contribution to exploration under the agreement would be 40 per cent, with a 51 per cent development interest.
"While there are a number of matters yet to be resolved, we have established a sound basis for negotiating an agreement and I am confident that an arrangement satisfactory to all parties can be concluded,” said Mr Gair.
“I have instructed officials of my Ministry to proceed with discussions with the view to concluding an agreement as soon as possible."
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Press, 4 October 1977, Page 11
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181New joint plan for oil well Press, 4 October 1977, Page 11
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