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Even in its early days, Boral had been involved in Australian oil and resource exploration, usually in joint ventures. In 1982 management decided to increase its activities in this area and bought 18 per cent of Oil Company of Australia Limited (OCA).
This company had been incorporated in 1978 and floated in 1979 to develop exploration permits in the Canning Basin in Western Australia and the Denison Trough in Queensland. The first success came in 1981 in the Jackson oil field in the Naccowlah block and the Merivale gas field in the Denison Trough.
Over time Boral increased its holding to 40 per cent and in 1985, after making an offer for the remaining shares, became the principal shareholder with 85 per cent. In 1990 the company began selling natural gas from the Denison Trough to Queensland Alumina Limited in Gladstone under a ten-year contract. OCA substantially increased its reserves in the Surat Basin with the acquisition in 1990 of Hartogen Energy Ltd. The company operates mainly in Queensland and is one of the largest onshore oil and gas exploration operators in Australia.
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