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...there throughout Latin America, street riots erupted and were easily put down. Only in Venezuela was there real trouble. Hours after the call to terror from Havana, four explosions shook the eastern shore of Lake Maracaibo, where foreign oil companies have 9,000 wells pumping 2,400,000 bbl. of oil daily. The blasts wrecked four offshore electric transformer stations belonging to Creole Petroleum Corp., knocking out 600 wells and cutting Creole production (1,300,000 bbl. daily) by almost half. On a well platform 300 ft. from one of the damaged transformer stations, Creole workers found two men still...
Ever since he seized power in 1958. Kassem has been playing a cat-and-mouse game with the Iraq Petroleum Co., the international consortium that since 1942 has held exclusive oil exploration rights for virtually all of Iraq and has already found there proven reserves of 26.5 billion bbl. of oil. In the last four years alone, I.P.C. has invested nearly $300 million in Iraq, and Kassem's government is largely financed by its 50% cut ($266 million last year) of I.P.C.'s profits. But this was not enough for Kassem, who demanded that I.P.C. surrender...
Last year alone, Idemitsu (pronounced Ee-day-meets) imported more than 9,000,000 bbl. of Soviet oil, which Moscow sold to him at roughly 40% below world prices in order to finance purchases of Japanese machinery. Idemitsu cracks the oil at his Tokuyama refinery-the Orient's biggest -and then markets much of it from his chain of 1,500 modernistic gas stations. His competitors, bitter at Idemitsu's price cutting, charge that his operations will make Japan overly dependent on Russian crude. Idemitsu answers that less than 7% of Japan's oil now comes from...
About the only East Texans enthusiastic for the investigation are the major operators, who under a quota system are allowed to pump only 20 bbl. per well daily-and that only eight days a month...
Smaller operators, by hooking several dummy wellheads to each slanted pirate well, have been able to keep production at each wellhead under 20 bbl. a day, and therefore to qualify for the marginal operator's allowance of 30 pumping days a month. If illegal operators could be prevented from putting all this extra oil on the market, the commission might well be able to grant big operators a ninth day's pumping...