SEARCH FOR OIL

Hawke's Bay Herald-Tribune, Issue 172, 7 August 1937, Page 5

SEARCH FOR OIL

-Prese Abbb.-

Minister Snggests Spending £500,000 "WOOLD BE WORTH IT" e

(By Telegraph-

■Copyright.)

NEW PLYMOUTH, This Day. "I am confident that, within the nest 12 ffionths, we will be making the most serious efforts ever made in the search for oil in New Zealand," said the Hon. P. C. Webb, Minister of Mines. in the course of a civie reception at New Plymouth this morning. "Every large company has been told that, nnless it is prepared to search for oil with tho most modern appliances in the world, the Government will take a hand in the matter. I would not hesitate about asking the Government, not for £100,000, but I would take the risk of asking for £500,000. "If we spent £500,000 in the search for oil and indications are such that we would be justified in spending £500,000 or even £1,000,000, then that money would have been well spent, because once we get a flow of oil it is going to be a great asset." The Minister eaid that he was very impressed wxth the oil prospects in Taranaki. "We have a Bill to eoxne down," he proeeeded, "which provides that if oil is discovered, it will belong to the people of this country and no company. If we produce petrol it will be refined in this country." He added, however, that every assistance would be given to companies prepared to drill for oil and he was sure that inside probably the next year there would be drills finding their way very deep in the search for oil.