OIL DEPOSITS.
DEVELOPMENT SCHEMES. NEW PLYMOUTH’S VALUABLE FIELD. BRITISH SYNDICATE’S PROPOSALS. The discussion in Parliament on the projected development •of petroleum deposits in the Dominion was brought under the notice of the manager of the Anglo-Scot-tish Finance Corporation, Ltd., who is at present visiting New Zealand in regard to proposals for the introduction of capital on a large scale for the development of minerals. “We are prepared,” he said, “to undertake this work, and we are about to place some definite proposals before the Prime Minister. We have already done a great deal of pioneering work in England, with a view to bringing before the British investors the potentialities of New Zealand as regards its oil deposits, and are prepared to negotiate on similar terms to that of any other company. We have already done a great deal of the pioneering work, in investigating the deposits, and are prepared to negotiate on any similar terms to the Anglo-Persian Company.” MOTUROA’S VALUABLE FIELD. The potential value of the kerosene shale deposits of New Zealand was very great, said this authority. Various bore-holes, in search of petroleum, had been drilled, or were in progress, the deepest being that of the Blenheim Oil Company, at Moturoa, which had attained a depth of over 5000 feet. Petroleum of good quality, but of limited quantity had been proved at Moturoa. The quantity of crude oil produced by this company amounted in March, 1915, to 776,161 statute gallons, of which 525,475 gallons were refined by the company. The product met with a ready sale at prices equal to the imported article. THE GISBORNE PRODUCT. “From examination by scientific men in the past, there can be no doubt that there are decidedly good indications of the presence of petroleum extending for many miles in other parts of the Dominion. The quality of the oil obtained in the Gisborne district has been spoken of as of high value, easily distilled and treated, and furnishing an illuminating oil of fine quality and high fire test. Some of the oil was 79 specific gravity and yielded in illuminating oil 94.60 per cent., paraffin 2.95 per cent., waste and loss 2.45 per cent. The first test was 190 degrees. Should this oil be obtained in large quantity, this fine quality would enable it to be refined with works of exceedingly inexpensive construction. FACILITIES FOR REFINING. “The oil fields being close to the sea coast, leads to the conclusion that, if oil can be obtained in sufficient quantities, they will have important financial advantages over many of the oil fields now being developed in foreign countries which are situated hundreds of miles inland from the shipping ports. New Zealand is so situated that she must obtain a large share of the trade of the Southern Hemisphere in crude oil if she is prepared to supply the demand. It would not be long before coastal, intercolonial, and Home boats would use oil fuel if the quantity was assured. The use of oil fuel on board steamers is a question of great saving in wages and bunker space, which will force itself more and more as labor becomes more dominant. The indications in the various districts warrant activity in drilling, and the work can be carried out economically, both in the cost of drilling and (if success follows) in the transit of oil to the seaboard, and taking into consideration the nature of the country, the oil fields are likely to prove of large extent, and there is no reason why a considerable supply shoud not be obtained.”
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Taranaki Daily News, 17 January 1922, Page 5
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594OIL DEPOSITS. Taranaki Daily News, 17 January 1922, Page 5
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