Word: oil
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Dates: during 1950-1959
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...Egypt, he concluded, Britain no longer has a specific individual role to play in the lands bordering the eastern Mediterranean (Friend Iraq would be defended by the Baghdad Pact as a whole). "The emphasis has shifted south of the Suez Canal to the Arabian peninsula area," declared Sandys. The oil-rich Persian Gulf sheikdoms, including Kuwait, remain Britain's special concern and might have to be defended by Britain alone, especially against local disturbances. This meant that Cyprus, lying on the wrong end of the lost canal, was no longer the strategic spot for Britain's Middle East...
Among the wild banana trees in the hills of Veracruz state, oil crews last week spudded in the second well of the richest Mexican oil strike in more than 20 years. Near by, the discovery well, which gushed 19,000 bbl. a day until it was choked down, was producing 1,200 bbl. a day for the government-run oil company Pemex (Petroleos Mexicanos). Capping a series of earlier achievements, the new field signified that Pemex, after the years of fumbling that followed its formation in 1938 from expropriated U.S. and British oil companies, had finally found...
...fear of expropriation caused the curtailment of new exploration. In 1938 only 38.5 million bbl. came out of the ground. The jubilation that greeted President Lazaro Cardenas' expropriation decree was hardly borne out by the prospects. Technicians fled. Outraged foreign companies organized a boycott against exported Mexican oil, persuaded equipment suppliers to refuse sales to Pemex. Soon Mexico was buying oil abroad...
Fortnight ago, with 5,043,960 acres of land under lease, Pacific Petroleums' McMahon announced two more wells in the Peace River Boundary Lake region, one producing gas, the other oil. Eight other Peace River wells have already come in this year, boosting the company's holdings to an estimated $70 million. And at Fort St. John, McMahon is busy building a $2,500,000 housing development for the expanding crews of both his Pacific Petroleums and Westcoast Transmission Co. All told, his personal fortune is currently estimated at $200 million, and the assets he controls in partnership...
Died. Hugh Roy Cullen, 76, Texas millionaire and philanthropist, founder-head of the Quintana Petroleum Corp., largest independent oil company in the Southwest, who gave away something like 90% of his estimated $200 million fortune; of cerebral thrombosis; in Houston. Texas-born of poor parents, Cullen left the third grade to work in a candy factory, dabbled in cotton and real estate, then (1930) as a wildcatter, struck deep into the 500-million-barrel Rabb's Ridge oil field, 50 miles from Houston. His method: to take wells others had given up, and drill deeper. After...