Word: barco
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Oilmen, who have drilled from Baku to the Barco, are internationally minded. Most pertinent fact about last week's report was its treatment of the oil shortage as a hemisphere problem, with hemispheric cures. It blandly pointed out, for example, that there are plenty of Italian, German and Danish tankers idle in this hemisphere-"aggregating about 50,000 deadweight tons in Venezuelan ports and 80,000 deadweight tons in Mexico-it should also be noted that there are about 100,000 deadweight tons of French flag tankers at Martinique." These ships (in addition to 50,000 Axis tons...
...company Socony-Vacuum told its stockholders last week that it had slashed its stake in Colombia's famed Barco concession (originally $26,201,415) to $6,501,415. Similar action had already been taken by Barco's co-owner, Texas Corp. Explanation: the $50,000,000 field -ranked as one of the oil industry's greatest engineering feats-was bringing in only 12,000 barrels a day last December, 50% of October 1939, still further below the 50-70,000 barrels expected. Further exploration might bring in more oil, but in the meantime the late Andrew Mellon...
...file of Texas Corp. employes, that question was academic. They knew it would be a cold day before they could forget the greying, generous, powerfully built man who slapped them on the back and said: "This is the best God damn company in the world"; who built the famed Barco pipeline in Colombia after they said it couldn't be done; who once exclaimed: "Hell, if they wanted to move the Chrysler Building to Colombia, we'd do it-if they'd pay us for it." And around Manhattan's 52nd Street, habitues of "21" wondered...
Today 25,000 barrels of Barco oil flow daily through the pipe line. Next year they expect to step that up to 50,000, with an eventual top of 70,000 barrels after all seven pumping stations are in. The oil yields 49% gasoline on straight run, double that under cracking processes (ordinary black oil yields no better than 24% gasoline on straight run). How much of it lies hidden in the upper Catatumbo basin nobody knows. The companies have until August 1941 to stake out their final claims. Then half of the Barco reverts to the Colombian Government...
...Texaco and Socony-Vacuum the Barco oil is welcome. Both sell overseas (there is a 21? tariff on oil imports to the U. S.) and neither has enough oil for its distribution system. In a warring world they will doubtless find buyers for their Colombian oil, but may bring it to the U. S. to be refined. Last week old Virgilio Barco was many years in his grave, but his son Jorge (pronounced Horkhay) Barco, in Cúcuta, had himself a few drinks as the royalties began to accumulate...