BORING FOR OIL.

Otago Daily Times, Issue 21021, 9 May 1930, Page 6

BORING FOR OIL.

ANOTHER VENTURE IN TARANAKI 'Per United Press Association.) NEW PLYMOUTH. May 8. After research extending over three years, boring for oil has been commenced by Coal Oil (New Zealand), Ltd., at Omata, near the port of New Plymouth, Of many such ventures this one has created more than usual interest, be cause a party of German scientists has been operating in the district for three years under the Elbof geophysical sys tem. They selected a site where boring had been commenced. The venture was officially launched - to-day by the Minister of Mines (Mr W.:A. Veitch) in the pre sence of 2000 people, including Senator Millen (Australia), the chairman of the company. s The Minister traced the history of oil boring in Taranaki, stating that up to 1929 a total ,of 1,270,272 gallons of oil had been recovered, but the companies had failed,, usually through lack of finance and scientific equipment. He stressed the importance of striking oil in a British country. The Empire at present was producing only 3 per cent of its requirements. New Zealand annually imported about £3,000,000 worth of oil and oil products. Senator Millen expressed confidence in the venture, and said the company came to New Zealand because it believed there was a greater likelihood of striking oil here. The Minister also visited the well of the Moturoa Oil Fields, Ltd., and expressed pleasure at the progress made.