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Oil Search Subsidies Reach $100 Million



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IncL in P m m fo

ND 32

OIL SEARCH SUBSIDIES REACH §100. MILLION

T o t a l e x p e n d i tu r e i n c u r r e d , o r c o m m itted u n d e r th e .

P e tr o le u m S e a rc h S u b s id y A ct 1959-1969 h a s now r e a c h e d $100

m i l l i o n .

• T h is f i g u r e w as r e a c h e d a f t e r a p p r o v a l s f o r J a n u a r y

o f $ 5 5 9 ,9 4 6 by t h e M i n i s t e r f o r N a t i o n a l D ev elo p m en t (Dir. S w a rtz )

Mr. S w a rtz s a i d to d a y t h a t m ore t h a n 60 A u s t r a l i a n

c o m p an ies and 40 o v e r s e a s co m p an ies had b e n e f i t e d fro m t h e

s u b s id y sc h em e .

The schem e had s t i m u l a t e d o i l e x p l o r a t i o n i n a l l

S t a t e s and T e r r i t o r i e s and i n o f f s h o r e a r e a s .

• The f i r s t c o m m e rc ia l p e tr o le u m d i s c o v e r y i n A u s t r a l i a

a t M oonie, Q u e e n s la n d , by U nion O il D ev elo p m en t C orp, had b e e n

t h e d i r e c t r e s u l t o f r e c o n n a i s s a n c e g e o p h y s i c a l w ork by t h e

B u re a u o f D iin e ra l R e s o u rc e s f o llo w e d up by t h e com pany’ s

s u b s i d i s e d a e r o m a g n e tic and s e i s m ic s u r v e y s w h ic h had p r o v id e d

s u i t a b l e d r i l l i n g t a r g e t s .

S u b s i d is e d g e o p h y s i c a l and d r i l l i n g o p e r a t i o n s had

a l s o r e s u l t e d i n t h e d i s c o v e r y o f c o m m e r c ia l- o il f i e l d s

o f f s h o r e fro m V i c t o r i a and W e s te rn A u s t r a l i a , and t h e d e v e lo p m e n t

o f c o m m e rc ia l g a s f i e l d s i n Q u e e n s la n d , o f f s h o r e V i c t o r i a and i n

S o u th A u s t r a l i a . '

. " I t i s hoped t h a t t h e g a s d i s c o v e r i e s i n t h e B o n a p a rte

G u lf and t h e G u lf o f P a p u a and t h e o i l and g a s d i s c o v e r i e s i n t h e

Amadeus B a s in o f t h e N o r th e r n T e r r i t o r y may one d a y be d e v e lo p e d

c o m m e r c ia lly ," Mr. S w a rtz s a i d .

D u rin g J a n u a r y , e i g h t a p p l i c a t i o n s f o r s u b s id y w ere

a p p ro v e d . D e t a i l s

GEOPHYSICAL OPERATIONS

A l l i a n c e P e tr o le u m A u s t r a l i a N .L .

P a c k s a d d le - In n a m in c k a ( S e is m ic ) S.A .

$ 2 0 ,1 9 4

B rid g e O i l N .L .

P a tc h a w a r r a C e n t r a l ( S e is m ic and G r a v ity ) S .A .

.$ 2 5 ,6 0 8

M id - E a s te r n O il N .L . '

Cape P a t t e r s o n (D iarin e S e is m ic ) V ic .

$ 2 4 , 1 0 2

P e x a O i l N .L .

T h a llo n ( S e is m ic and G r a v ity ) Q ld .

$ 1 5 ,0 0 0

S h e l l D ev elo p m en t ( A u s t .) P .L . 3

M a c A r th u r - P o r tla n d ( S e is m ic ) V ic ,

$ 1 4 4 ,0 0 0

W est A u s t r a l i a n P e tr o le u m P .L . '

J u r g u r r a T e r r a c e ( S e is m ic ) W.A.

$ 2 1 ,1 4 2

EXPLORATION DRILLING OPERATIONS

B .O .C . o f A u s t r a l i a L td . $ 2 6 9 ,4 3 0

.SahttL S h o a ls No. 1 N .T . ' .

P u r s u i t O i l N .L . $ 3 1 ,8 3 0

M u tta b u r r a No. 1 Q ld . .

$ 5 5 1 ,3 0 6

' One (1 ) a p p l i c a t i o n f o r e x t e n s i o n w as a p p ro v e d d u r i n g

J a n u a r y .

W est A u s t r a l i a n P e tr o le u m P .L . $ 8 ,6 4 0

Munro A rc h ( S e is m ic ) W.A. ,

$ 5 5 9 ,9 4 6

T o t a l com m itm ents t o 31 J a n u a r y , 1970 : $ 1 0 0 ,0 0 2 ,9 3 1 .

CANBERRA

DATE 2 0 th M arch, 1970