Cold water poured on oil
PA Wellington An oil field in the great south basin of New Zealand would have to be capable of a yield similar to the North Sea field if it was to be an economic proposition, the Minister of Energy Resources (Mr Gair) told Parliament. This means that the basin, whcih is the subject of a drilling programme by Hunt Petroleum, would have to have a capacity of 300,000 barrels of oil a day. Mr Gair said that the production of gas or condensate from the basin in any quantity was not held to be economic at this stage. He pointed to the technological difficulties of development arising from the depth of the basin. Mr Gair was replying to a question by Mr W. R. Austin (Nat., Awarua).
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Press, 28 November 1977, Page 5
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132Cold water poured on oil Press, 28 November 1977, Page 5
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