PETROLEUM.

Taranaki Herald, Volume LX, Issue 143838, 12 July 1912, Page 7

PETROLEUM.

The inspecting engineer of mines is very guarded in his references- in his annual report to the oil fields. He says:— I ‘The development of the oil fields, in the Taranaki, Lake Brunner and Gisborne districts has been energetically pursued. The evidence obtained has not yet been conclusive that petroleum exists in sufficient quantity to be remunerative. The most promising developments have been obtained upon the areas at Motuyoa, controlled by the Taranaki Petroleum Company, No. 5 well being the most productive well hitherto drilled. The development is extremely Satisfactory, but before profitable oilfield business may be established it will be necessary to prove that oil in large quantities exists. Hitherto the development has proved that oil of excellent quality- exists in moderate quantity, but there is a reasonable possibility that an increased supply will he tapped. Drilling operations at the Kotuku oil fields have not been so successful, nor have the' operations of the New Zealand oil fields at Gisborne produced successful results.”