Word: oil
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Dates: during 1950-1959
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...letter of intent from Conorada Petroleum Corp. (Continental Oil Co., Ohio Oil Co., Amerada Petroleum Corp.) to invest $100 million in much the same way as Pan American...
...Fanfani prepared to leave for Washington to confer this week with President Eisenhower, Fanfani's ambitious friend Enrico Mattei, boss of Italy's state oil monopoly, E.N.I., gave the subject one kind of thoughtful attention. He hopped over to Morocco to sign an agreement giving him exploration and exploitation rights for the oil in an null tract in the Tarfaya province in western Sahara. The split: 75% of the profits for Morocco, 25% for Italy's E.N.I...
President Arturo Frondizi sat in a gilded chair in the Casa Rosada one evening las,t week and nervously slaughtered one of the oldest sacred cows in Argentine political life. He reported that he had abandoned Argentina's long-revered nationalistic policy of going it entirely alone in oil development. He had closed or was about to close nearly $1 billion worth of contracts with foreign oil companies...
...signed contract with Pan American International Oil Co. (Standard Oil of Indiana). Pan American will invest $60 million in a 1,540-sq. mi. section of Santa Cruz and Chubut Provinces. For the first five years Pan American will get $10 for each cubic meter of oil it produces for Y.P.F., then the price will gradually be adjusted to match prevailing world prices...
Frondizi first outlined the present gloomy situation, in which Y.P.F., the government oil monopoly, produces only 35% of the country's annual needs. Although reserves are estimated at 2.3 billion bbl., Argentina is forced to import about $300 million worth of petroleum products a year-a sum roughly equal to the 1957 trade deficit. The President then listed the precedent-shattering development arrangements with foreign companies. The main deals...