Word: jatibonico
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Dates: during 1950-1959
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...government loan of $150,000 for drilling. Under the terms of last month's decree designed to stimulate development of the island's oil resources, the loan need not be repaid unless the prospectors strike oil. With close to a million acres under lease in the central Jatibonico Basin, where a wildcat syndicate last May opened up the country's first sizable oilfield, Cuban-Colombian agreed last week to drill six 4,000-ft. wells when geological surveys are completed...
...imports some 50,000 bbls. of oil daily (90% of consumption), may soon have its first sizable producing oilfield. A group of U.S. oilmen and Cuban promoters have brought in the country's biggest find, with a well pumping 250 bbls. of good-quality oil in the Jatibonico Basin, about 215 miles southeast of Havana...