SEARCH FOR OIL

Waikato Times, Volume 121, Issue 20266, 7 August 1937, Page 7

SEARCH FOR OIL

PROSPECTS IN DOMINION. GOVERNMENT'S EARLY ACTION. COMPANIES URGED TO DRILL. (By Telegraph.—Press Association.) NEW PLYMOUTH, Saturday. •• | am confident that within the next 12 months we will be making the most serious efforts ever made In search for oil In New Zealand,” said the Hon. P. O. weoo, minister Of Mines, at a clvlo reception at New Plymouth this morning. “ Every large company has been tcld that unless it is prepared to seaich for oil with the most modern appliances in the world the Government will take a hand in the matter,” said Mr. Webb. " 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 a search for oil and the indications are such that we are Justified in spending £SOOOOO, 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 said he was very impressed with the oil prospects in Taranaki. or- “We have a Bill to come * down,” he proceeded, “which provides that If oil Is discovered It will belong to the people of this oountry and no company.” If we could produce petrol it would be refined In this country. He added, however, that every assistance would be given the companies prepared to drill for oil and he was sure that ineldo probably next year there would be drills finding their way very deep In the search for oil. _ _