Word: frondizi
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Into the town of Comodoro Rivadavia on the windswept Patagonian coast flew President Arturo Frondizi last week to celebrate the 52nd anniversary of the day an Alsatian engineer, drilling for water, brought in the country's first paying oil well. What Frondizi saw, touring by open car, was a brash and bustling boom town (pop. 23,000) where the sprawling trailer camps are guyed by wire against the 75m.p.h. gales, where tricky tides buffet the three to four ships putting in daily at the busy port, where U.S., British, Dutch and Italian oilmen elbow up in nightclubs to watch...
...Gamble. The Comodoro Rivadavia field is a dramatic sample of a daring gamble by Frondizi that paid off. Bucking emotional Argentine nationalism, Frondizi last year invented an imaginative patchwork of "service and development" contracts between foreign oil companies and the state monopoly, Yacimientos Petroliferos Fiscales (YPF). The device has paid off in 17 months with more than 100 new wells from chilly Tierra del Fuego to mountain country near the Bolivian border. Oil production is up 30%, to 44 million bbl. a year...
Contagion. Some of the oil fever rubbed off on bureaucratic, bumbling YPF. "The Americans are teaching us many new ways," said a YPF engineer last week. "They have instilled in the whole area an attitude that work can be fun, too." Now rating top priority in Frondizi's budget, YPF will drill 4,100 wells on its own by 1965, has let contracts to Kerr-McGee, Southeastern Drilling and the Italian ENI for another...
...proof of the Frondizi policy pours in, nationalistic outcries have died. Oil imports, which caused a crippling trade deficit, dropped from $280 million in 1957 to $174 million this year, and will cease in 1961. As befits a nation ranking twelfth in the world in proven oil reserves, Argentina plans to be selling a yearly 25 million bbl. of petroleum abroad...
...booted the dictator four years ago. The Peronistas still burn candles to Peron's late wife, Eva, whom they call "St. Eva Immortal.'' They control 88 out of 138 trade unions and with their 2,000,000 votes can swing close elections (as they did in Frondizi's favor last year...