Word: petroleum
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Dates: during 1960-1969
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Ovando's first acts were the sort designed to pacify his juniors. He named a "really revolutionary" civilian-military Cabinet whose oldest member is 44. He scrapped the code under which Gulf operates in Bolivia as "prejudicial," emulating Peru's recent takeover of the International Petroleum Co., a subsidiary of Standard Oil of New Jersey. Gulf, which now pays Bolivia 30% of its profits and 11 % of the oil it pumps, may be pressured to hand over part ownership of the subsidiary...
Then the results were announced. For the first six tracts, a combine of Gulf Oil, British Petroleum and its Alaskan subsidiary bid $97 million. Another tract, just southwest of Prudhoe Bay, brought the highest single bid of the day, submitted jointly by Amerada Hess and Getty Oil: $72,277,133. A rival consortium of Phillips, Mobil and Standard Oil of California had bid a scant $164,133 less. Having underestimated on one tract, the same group decidedly overestimated on another, making a bid of $18,130,000. The next highest bid was a nominal...
...Humble Oil & Refining Co., Atlantic Richfield and British Petroleum, the Manhattan's voyage is a rather costly gamble. The companies have spent nearly $40 million readying the ship and crew, and the stakes are even higher. What could be the country's largest oil reserves have been discovered under the snows of the remote North Slope, but the distance and weather conditions raise drilling costs to double those for bringing oil out of the ground in the U.S. In order to sell the Alaska oil at competitive prices, Humble and its partners must find an economical...
...With sizable oilfields in the Port Harcourt area and in the mid-western region, Nigeria ranks as the world's 13th oil nation in terms of annual output (anticipated 1969 production: 255 million barrels). By attacking the oilfields, Biafra hopes to press the companies (Gulf, Phillips, Shell, British Petroleum and Italian Agip Nucleare) to talk Gowon into negotiations. Though Nigerian officials admit that oil production has dropped 60,000 barrels a day because of the war, the oilmen insist that they have no intention of interfering in an attempt to achieve a ceasefire. Two weeks ago, to step...
...resources and their economies. Although Chile made arrangements to pay the owners of expropriated American firms for their losses in three years, foreign investors have been understandably slow to sink new funds into operations there. Peru's military junta has frightened outside investors by its seizure of International Petroleum Co.'s properties last October. The U.S.-owned Southern Peru Copper Corp., which was ready to invest $350 million to develop its copper ore concession a year ago, now seems less interested in expansion, and is refraining from committing itself until it has a better idea of the junta...