SEARCH FOR PETROLEUM

Taranaki Daily News, 13 September 1928, Page 5

SEARCH FOR PETROLEUM

DOMINION'S POSSIBILITIES TARANAKI TO BE INSPECTED. ENGLISH CAPITAL CONCERNED.. Oil experts in America and England are very much interested in the prospects of de'eloping commei-.ia' oilfields in New Zealand. Mr. G. Wolseley King, who arrived 'ria Sydney bv the Alarama on Thursday, intends to make investigations, and on his return to England will report to a number of prominent English capitalists, who are prepared to invest large sums in New Zealand (states the New Zealand Herald). Mr. King, who formerly re-.de'l In Hawke’s Bay an! Aukland, has been living in Lond.-n for four years, uni with his wife and two sons is making a combined business and holiday trip to the Dominion. “I am unable to disclose the names of the men interested in the project at this stage,” Mr. King said, “but their interest may mean a big thing for New Zealand. “Recently, I visited the large oil centres in the United States, and the contours of the country where the richest deposits exist are very similar to the country near Gisborne. Experts in the United States agree that there are excellent possibilities for the production of commercial oil in large quantities in New Zealand.” Discussing the project from a national point of view, Mr. King said in the event of war in the Pacific, it was essential that Australia and New Zealand should draw upon their own supplies of oil. He recalled that in more than one speech Lord Jellicoe advocated the exploitation of every possible source with Tills end in view. Mr. King said he was surprised the Government had not taken a greater interest in the possibilities of finding oil. After inspecting land on the East Coast, Mr. King will tour Taranaki. During his stay in the Dominion he will also investigate the meat and dairy produce markets. He said there was a possibility of English capital being invested in this connection also.