STANDARD OIL AND TARANAKI PETROLEUM.

Wanganui Herald, Volume XXXX, Issue 11978, 22 September 1906, Page 4

STANDARD OIL AND TARANAKI PETROLEUM.

According to the New Plymouth News, there arc big developments probable in connection with the Taranaki oil industry. It hats been elicited that boring options are being offered by Messrs Nelson and Petrio, to a representative of the Standard Oil Trust, which is interesting itself in thle oilfields. The News is informed that Rockefeller is not attempting to close up the industry, neither does he intend to dump his own oil on the New Zealand market. If the Trust buy the options now being offered it is intended to compete against the other local oil companies. The Trust will open up their own wells. The American oil would not be able to compete with the Taranaki oil, except at a loss, as the latter is so rich in lubricating oils and other products that the Trust could not put the American oils on the colonial market. Mr Petrie is at present in Sydney arranging for a plant to commence boring on the Bonithon estate. Messrs Petrie and Nelson floated the New Plymouth Petroleum Company, of .£IO,OOO capital, in Dunedin. This company holds options over the farms of Messrs Were, Magee, and Crompton, at Omata, and the statutory meeting of shareholders will he liold at Dun«Jin on the 26th inst. Boring will be started right away, as soon as the plant arrives on the ground. The first bore will be on Mr Were's property, at the spot where previous operations were commenced. The old bore is capped with concrete, and they start there. They are floating another company with ,£IO,OOO capital to operate at Toko, where boring rights are held over the district, as also in, the Ngaire swamp. A representative of the News was informed by Mr George Fair, manager of the Taranaki Petroleum Sompany, that there was no chance of the Standard Trust acquiring a preponderating interest in the concern.