Japan seeks oil venture

Press, 27 October 1981, Page 4

Japan seeks oil venture

PA Auckland Japan may become a partner in New Zealand’s oil exploration programme because of its vital need for stable fuel supplies. A leading Japanese banker, Mr Toshihiro Tajima, has said in Auckland that his Government and the New Zealand Government should start talks on a joint exploration programme. Japan would be keen to cooperate in offshore exploration, especially for natural gas.

Japan could provide up to 70 per cent,.of the finance and effort for a drilling programme. A number of offshore exploration licence blocks would be made available by the Government next year and several could be suitable for a Japanese-led joint venture, he said. Japan is striving to reduce its dependence on Middle East oil, at present 70 per cent of its oil imports. Mr Tajima, who is deputy

president of the Industrial' Bank of Japan, was speaking in an interview after addressing the Japan-New Zealand businessmen's conference in Auckland. In his speech to the conference Mr Tajima expressed interest in joining New Zealand in development of coal and geothermal energy reserves. “We would like to assist you or work with you on any possible coal development, projects of your country,” he said.