OIL IN NEW ZEALAND

Feilding Star, Volume 7, Issue 2242, 25 June 1929, Page 4

OIL IN NEW ZEALAND

-The executive head of that enterprising group of Australian and New Zealand: financiers, Taranaki Oilfields Ltd., has just returned from California where he sought and found the specialised tools for going deeper down into the crust of Poverty’s Bay’s earth for oil. He found exactly lh» same difficulties had been met with on the fields in California- as ho had met with. Appliances had been invented and- manufactured on tho spot that had enabled drilling to go towards ultimate success. In an interview on his return to Gisborne last week the expert said:—“l may say that my faith in the existence of oil in New Zealand and of the ability of the company to find It in payable quantities has been strengthened by my Tour abroad;” added Air Moline. “I have never wavered in my opinion that oil is to lie secured bore. “That is good news, coming from a, very experienced and world-wide authority on the subject. After referring to the oil war that is on in America and tho; desire to control the enormous output, he mentioned that not long ago petrol had been selling in Los Angeles,California, at fid a- gallon. While this is obviously below the cost oi production, lie c<otild not understand why New Zealand and Australian consumers had to pay so very much lor petrol, in view of the very keen competition which had existed among the vending companies. Well, it seems to us that the only obvious way to bring down the high price- of petrol is to bring up oil from the depths of, New Zealand,