Word: bermudez
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Dates: during 1940-1949
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...blue-chip game of international oil, Mexican Oil Czar Antonio J. Bermudez thought he had an ace in the hole. Though Mexico had kicked out U.S. oil companies in 1938 and seized their properties, he thought they would crawl back if egged on by the State Department...
...Mexico in 1938, most major U.S. oil companies have shown little desire to go back in, despite repeated invitations. Last year, Cities Service Co., the only one that had not left Mexico, took on a job of drilling new wells. But otherwise, the best deal that Antonio J. Bermudez, boss of Pemex, Mexico's oil monopoly, could make was with J. Edward Jones, a small U.S. oil promoter, to drill 100 wells (TIME, Sept. 22, 1947). He drilled...
This week, Bermudez, still trying to get U.S. know-how to help his inefficient monopoly, landed a bigger fish. He signed a contract with a new company, the Mexican American Independent Co., giving it a twelve-year concession to drill wells along Mexico's tidelands near Yucatan and elsewhere. The new company was formed when Edwin W. Pauley, California oilman and good friend of President Truman, joined up with Ralph K. Davies. of the American Independent Oil Co. (TIME, Sept. 1, 1947) and Samuel B. Mosher of California's Signal Oil & Gas Co. The new Pauley company would...
Reopened Door. After months of negotiations Cities Service Co., and Antonio Bermudez, boss of Mexico's government-owned oil monopoly Pemex, signed a historic agreement in Mexico City. The deal brought a major U.S. oil company into Mexican oil development for the first time since 1938, when expropriation drove most foreign companies out. Under the deal Cities Service will set up a Mexican subsidiary (Mexico-Cities Service Petroleum Corp.) to provide the capital, and presumably the machinery and technical help, for Pemex's development of a million-acre tract in northeastern Mexico...
...Bermudez was happy enough about the deal to start negotiating three other "Jones type" contracts with U.S. wildcatters. He was also negotiating with Cities Service Co. to provide the capital for the development of 1,000,000 acres of Government-owned land. To other U.S. oilmen who hope for a modification of the oil law, it looked as if it might be only a question of time until the big oil companies would be back in Mexico...