THE PETROLEUM INDUSTRY.

Taranaki Daily News, 9 August 1915, Page 4

THE PETROLEUM INDUSTRY.

UUiVIiIUM OIL wmjL. r IMi'OHTAMT DEVEUMmvr I'RO rotsAu For how many centuries petroleum has been present in Taranaki waiting fcha advent of the fortunate discoverer and utilise;- of this valuable mineral is not known, but at least for th« beet part of a century it has been in evidence, and in recent years there have been sev, eral attempts to tap '* payable oil." Hidden, as it is, at considerable depth 'be. low the ground, the main deposit is necessarily extremely difftcult to locate, and the need for boring to a very great depth entails the expenditure of a large amount of capital before the reward i« obtained. At one time—and not Bft very far back —the importance of the industry was insignificant to What it is to-day, when, not only is the oil required for marine engines—especially for our navy—ibut also for tihe ever-increas-ing motor traffic, to say nothing of engines for aerial machines. So essential is it that no effort should he spared to secure the ail that is present in Taranakl that the matter has become one of national importance, whereas previously it was only a question of commercial speculation. The quest is not for a possible article that may or may not be found, for it has already been conclusively demonstrated that the petroleum field at Motnroa is rich in oil, and in the aggregate a. large, quantity has been obtained and marketed, both in a refined and natural state.

It is, however, beyond dispute th»t owing to Insufficiency of capital th» field lias not yet been sufficiently tested, and it is with much regret that toil statement Ims to be made. To remedy this state of affairs the Taranaki Oil Landw Acquisition and Development Co., Ltd., have decided to appeal to the public to take up sufficient preference shares to enable the company to deepen the Blenheim well at Moturoa from its present level of MOO feet ibelow the surface to 5000 01 0000 feet, if necessary, so as to thoroughly test the bore. It may be thought tfliat the present is not a very opportune time for issuing s'hares of any kind, but in the case of petroleum there is undoubtedly a patriotic as well as an economic reason why no time should be lost in assisting the dominion, as well as the Empire, with a reliable supply of petroleum and its products. At present the value of oil produets imported into the dominion amounts, approximately, to, three-quar-ters of a million sterling, and as a few good wells would not only render importation unnecessary, but also would enable tile dominion to supply other parts of the Empire, it is of the utmost Important that the industry should have a fair chance of being placed on as satisfactory basis. The success of one wall will naturally lead to confidence in developing others, and the means for attaining the end in view arc now awaiting the public spirit of the community, As to the Blenheim well itself, it m»y be said that it enjoys very special advantages. It is in close proximity to wells which have yielded something like a million gallons of oil, and to a relinerv that can deal with a!l the oil .produced in the district.

At 2200 feet d. ep 30,000 gallons of oil were taken from the we)!, but ■ 'njf to the presence el water that level was abandoned, and the bore tarried down to iMJOft feet, lined with six-inch easing, so that the staff nan now sink the well to 0000 feet or more and line the bote with five-inch easing, thereby excluding all water trouble, The p'ant in use is of the strongest type mid most suitable design as used in the Canadian and ttalieuin oilfields. As the result of a recent visit made by the Government Director of Geological Surveys (Mr. P. fi. Morgan) to tihis district, tbe Government has promised to assist the company, thereby showing its confidence in the ultimate i«sue of the boring process. This fact, coupled with the great importance of the industry to the district, should stimulate the public to eome farward and provide the necessary funds for deepening the well and thus giving a thorough test of its productive potentialities.

The success of the .petroleum ind:l9t*y would Ivave a far-reaching effect. It would mean a great deal to the town of New Plymouth, as well as to the dominion and the Envpirp. While the wtablMiiiuent oj meat freezing works may mean an addition of (100 or 701) people to our population, successful oil wet's would prnlbably mean an many thousands. The prospects of striking a good How oif oil ure said to he undoubtedly very promising, and given success the profits will be very great. Of the SOflO H) per cent, sham now offered, nearly 2000 have Iwen already taken up by the present shareholders. Surely. ttotM is sufficient public spirit and patriotism in this district alone to ena.b'e thU pw-" mising oil well to he thoroughly teited. The prosperity of the district justifion the anticipation that the required capital will he forthcoming. Every payable industry in our midst is another pillar of strength for the community, as well as a source of additional prosperity.