DEVELOPING THE OILFIELD.

Taranaki Daily News, Volume XLVII, Issue 81849, 20 September 1906, Page 2

DEVELOPING THE OILFIELD.

NEGOTIATIONS WITH STANDARD OIL COMPANY. AMERICANS PROIiAIJLY COM MENCE OPERATIONS. BORNEO COMPANY INTERESTED. There are big developments probable in connection with the Tara naki oi, industry. Mr Nets: 11, who, in partnership with Mr John Petric, has been acquiring boring options in all parts of the Taranaki district recently, arrived in New Plymouth on Tuesday night, and on Wednesday was interviewed by a Daily News representative. The principal infor ovation elicited was- the fact that Mr Petrie is at present in Sydney with Mr Hay, the engineer, with pocketsfid of options, some of which are being offered to a representative of the Standard Oil Trust.

"Can you tell me if Rockefeller is trying to close up the industry?" we asked.

"Nothing of the kind," was the reply. "I have been in communication with the Standard Oil Trust for some time, and I can tell you that they are not corning- in here with their own oil to 'dump' "no New Zealand oii out of the market. But if they buy the options wp are offering them they are going to compete against the other local oil compan-

"That is, I suppose, they will open up weMs of own?" asked the reporter.

"That's it. They will open up wells themselves. Their American oil would not be able to compote with our oil except at a loss. The Taranaki petroleum is so rich in lubricating oils and other products that they can't put their oils on our market and compete against us. But I have little doubt they will take up the op tions wc offer them."

"What are your principal options ?" was the next question. "Well, there's the Bonithcn estate, for a start. I believe Mr Petrie is arranging now in Sydney for a plant to commence boring there, and it should be here very shortly. We floated the New Plymouth Petroleum Company of .£IO,OOO capital in Dundin. This company holds options over the faims of Messrs Were, Ma gee, and Crompton, at Omata, and the statutory meeting of shareholders will be held at Dunedin on the 26th inst. Boring wiil 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 we start there. W'e are floating- another, the Toko Petroleum Company, to operate on Mr W. Were's property at Toko, with £IO,OOO capital; and we hold boringoperations over lands all over the district.' '

'">OU have some in the Ngaire swamp ?"

"Yes, and I may tell you that the Ngaire swamp sample has been sent by the Sydney manager of the Borneo Oil Company to his London directors for their attention. Qh, yes, it's a big thing ,this petroleum of yours." The news that the Standard Oil Trust is interesting- itself i n the Taranaki oilfields should have tlie effect of hardening the price of all scrip and cations held.

MR. FAIR INTERVIEWED. , Our representative next interviewed Mr George Fair manager of the laranaki Petroleum Company, but lie;could not give any information. Asked, however, if there was any chance of the Standard Trust acquiring a preponderating- interest in this concern, he replied i n the negative. "At any rate," he said, "as long- as 1, <uu ' ;im going to try and keep Uie Standard out." PROGRESS AT MOTUROA. 1 he Birthday we.l continues satis factory, the pressure of oil being well maintained.

At No. 2 bore the new : drillers are operating. For some days the drill had to cut through stonv material, but now the "going'' is in blue clay, at a depth of about 270 feet, and faster progress is being- made. Yes terday's boring t/tailed about 40 feet. At No. 3 bore the new derrick is about completed, and the machinery is being placed in position. Here one of the o'd bores is to be cleaned out and worked, and Mr Fair expects to make a start next week. The dis used bore is continually g-iving- forth gas.

Mr Nelson, who has had considerable experience i n mining machinery, says the plant now working at No."; bore IS "a splendid plant, and the man who rigged it knew wiiat he was about."