New Bass Strait search

Press, 24 October 1984, Page 32

New Bass Strait search

NZPA-AAP Canberra The Australian Government will introduce special excise arrangements to help Esso-BHP open a new oil project in Bass Strait at a cost of about sAustl.B billion. Esso and BHP were due to have announced yesterday that they will develop the Bream oilfield in Bass Strait, but news of the development was accidentally leaked on Monday, by a Victorian Government Minister. The Victorian Federal Resources and Energy Minister, Senator Peter Walsh, issued a statement detailing new excise arrangements for some undeveloped old oil fields. (Old oil is that discovered before September, 1975.) Senator Walsh said special incentives to be introduced for old oilfields were expected to result in a new multi-billion dollar development in Bass Strait. “The Commonwealth Government will introduce special excise arrangements to encourage development of a number of old oilfields which have not been developed to date because of inadequate returns under the (existing) old oil excise scale,” he said. Senator Walsh said the Government also had modified its substantial new development policy to ensure the treatment of new projects in developed old oilfields was broadly consistent with the treatment of Setion from undeveloped “As a result of these initiatives, the Bass Strait producers, Esso and BHP, are expected to proceed with the Bream development, Senator Walsh said. “The total investment involved in these projects is of the order of $l.B billion,” he said. An estimated 200 M barrels of oil are expected to come from the new field.

Mr Terry Monaghan has been appointed executive director of the Aucklandbased Newspaper Advertising Bureau. Mr Monaghan was New Zealand manager of TMX Australia, Ltd. He replaces Mr Brian Milnes, the founder-director of the NAB, who will move to the NJZ. News group at the end of this month. Mr Monaghan was educated at Sacred Heart College and the Auckland Technical Institute. Mr R., A. Barker, chairman of the bureau’s board of control, said that Mr Monaghan’s background in a number of senior marketing positions, combined with an in-depth knowledge of computer applications and technology, would contribute to the continued development of the bureau.