Word: sheikdoms
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Dates: during 1960-1960
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Japan's first major venture into international wildcatting was stimulated by the need for cheaper oil for its mushrooming industry. Founded in 1957 with $9,800,000, Arabian Oil secured 44-year offshore concessions from both Saudi Arabia and the sheikdom of Kuwait. The price was steep, but oil-poor Japan had no choice. Instead of the fifty-fifty profit split then prevalent, the Japanese agreed to take only 43% of the profits from Kuwait, 44% from Saudi Arabia. They also promised to build a refinery in Saudi Arabia or in the Neutral Zone, agreed to sell...
...concessions are being granted all over the Middle East. Examples: ¶ In Yemen the American Overseas Investment Corp. was exploring a 10,000-sq.-mi. concession in the northwestern coastal plain. It had beaten out the Japanese and the Italians for Yemen rights. ¶ In the Persian Gulf sheikdom of Abu Dhabi, a subsidiary of British Petroleum Co. Ltd. and Compagnie Franchise des Petroles brought in a well that tested out at 2,400 bbl. daily...