Word: burmah
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...loan from the International Monetary Fund. The transaction will still leave the government holding 51% of BP?at least if British courts let the Bank of England hang on to a 21.5% block of BP stock that it picked up two years ago in a bailout of cash-strapped Burmah Oil Co. (Burmah has petitioned to get the shares back...
Three other drilling groups-Shell-Esso, Signal and Phillips-will shortly be joined by Rycade and the Burmah Oil Group. Among them, 23 consortiums have ordered some dozen drilling rigs, will spend more than $300 million exploring the British North Sea by 1969. There is every indication that their huge gamble will ultimately pay off. What they are playing for is a major gas field -some think it may prove to be the world's biggest-that is located on the very doorstep of one of the world's fastest growing energy markets: Western Europe...
Meanwhile, the leftward lurch continues. The island's new chief source of oil is the Soviet bloc, following the seizure of three U.S. and British firms (Esso, Caltex, Burmah-Shell) and the creation of a government oil combine. The Western companies have not been paid a cent for their properties worth $29.5 million; as a result, the U.S. has canceled further economic aid to Ceylon after doling out a yearly average of $7.5 million over the last decade...
...crises since she took office by announcing a 25% cut in the rice ration. In yet another attempt to ease Ceylon's formidable economic woes, her government last April seized almost 200 gas stations and oil depots owned by a trio of U.S. and British firms (Esso, Caltex, Burmah-Shell). Total value of expropriated properties: $20 million...
...damned business philosophy may eventually squeeze out all free enterprise. Oil companies, with a greater investment than any other foreign industry, are already seeing Red. Russia has offered to lend India 250 oil geologists, says it wants no oil rights in return. Though British and U.S. companies, e.g., Burmah Oil, Standard Vacuum, have spent years and millions of dollars to develop new oil resources in India, Russian surveys have encouraged the Indian government to look for oil on its own. Last May, with Rumanian crews and equipment, the government started exploration work in Bengal and test-drilling in Punjab...