Word: gulf
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Dates: during 1950-1959
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Awali, Bahrein, Persian Gulf...
Much like the rig used by oilmen in the Gulf of Mexico (TIME, July 5), the Air Force island (nickname: "Texas Tower") will probably be a steel barge, some 200 ft. long, with 100-ft., tubelike caissons, each 6 ft. in diameter, running through vertical holes close to its sides. At the designated site, the caissons will be dropped and poked deep into the ocean bottom. Compressed-air jacks will inch the barge up its caissons, out of reach of waves and stormy seas. Then the caissons will be pile-driven into the mud, cut off and welded flush with...
...fact, Britain will get a lavish return for its lost oil investment. The real compensation to Anglo-Iranian will be borne by the other seven oil firms joining the consortium. For the privilege of a share in exploitation of Iranian oil, the seven (including America's Jersey Standard, Gulf, Texas, Socony Vacuum and Standard of California) will pay Anglo-Iranian about $600 million. In addition to this compensation, Anglo-Iranian, with a 40% interest in the new consortium, will still be the dominant oil operator in Iran. So Anglo-Iranian has cause to be reasonably content...
...Western Australia, near Exmouth Gulf, oil drillers struck salt water at 3,600 feet, the same level at which a nearby well had hit oil. In two frenzied days of panic selling, some stocks dropped as much as 50% on the Sydney exchange; the total value of oil shares dropped an estimated $67 million. Australia's secretary...
...international consortium of eight of the world's biggest oil companies to operate the industry for 25 years, using Iranian technicians as much as possible. Biggest partner: Anglo-Iranian, with 40%. Five U.S. companies (Jersey Standard, Gulf, Texas, Socony Vacuum, Standard of California) will share another 40%, and Royal Dutch Shell and a French company the rest...