PETROLEUM.

Te Aroha News, Volume XXII, Issue 42749, 18 July 1905, Page 3

PETROLEUM.

Thebe seems at last some probability of oil being struck in payable quantities at New Plymouth, At a meeting of the company lately formed there the manager, Mr Fair made the following report: “I am proud to meet the shareholders here to-day, as at last meeting I promised to get oil and now I have got a good payable well, This is an'oil countryand there are no pockes. In my opinion you have a very rich field to work on. The bore is at present 2256 feet deep, and as the oil is payable, 50 barrels a day of 40 gallons, worth 20s per barrel, I will not sink any deeper. When the oil is proved, more capital will be required to develop the country. The quality of the oil is the best yet handled. It is rich in by products, the only drawback being that it congeals quickly owing to the great percentage of parafin wax. Shareholders can vest with confidence that the well will be a good payable well. There have never been such good results here before. The life of an ordinary well is from 10 to 12 years, and the deep st in the world is 3240 feet. Toe formation here is ideutical with that in Gallacin.” He hoped at the first general meeting he would have a good report to make, as the pump should then be working. It may be interesting to add that the production of pet>ol um throughout the world during the past year, says the Pe ohum Review was 28,577.900 tons, wl ici is a rec rd and 3 000,000 tons in fxcess of the quantity pro-, dncted during the previous year The production of the various important fields was as under:—America, 15000,000 'o is; Russia, 10,600,000 tons Sumatra, Java, and Borneo, 1,000,000 tons; Galicia, 827,100 ton; Rmimanin. 496,800 t- ns ; and India, 404. 000 tons.