Word: oilfields
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...last, year, even though drought lopped 2 billion tons from the normal 9 billion ton wheat harvest; industrial production was up nearly 10%. Crude-steel production topped 4,000,000 tons and auto production increased to 215,000 cars and trucks, both alltime records. An important new oilfield has been tapped on the Adriatic coast, while Sicily's Ragusa field (TIME, Jan. 25, 1954) has four producing wells, with a fifth...
...Peake, 64, who will retire May 3 after 34 years with the company, ten as president. (Robert E. Wilson remains board chairman.) In his climb up the ladder, Prior often moved on to the rung vacated by Peake. A Stanford engineering graduate (1919), Prior started work as an oilfield laborer for Midwest Refining, where Peake was an oilfield superintendent. Shortly after, Standard bought Midwest, and as Peake moved up, Prior followed. In 1928, Peake was made president of another Standard subsidiary, Dixie Oil, and when he was shifted to the parent company in 1930, Prior succeeded him. Later that year...
...three-word motto: "Sell, sell, sell!" They welcome small orders, quite feasible in German plants, where labor comes cheap and a product can easily be retooled for the individual customer. By building an engine that operates on either diesel fuel or natural gas, Germans got much Venezuelan oilfield business. "And we'd have made it run on buttermilk if that's what they wanted," bragged the designing engineer...
...designed to stimulate development of the island's oil resources, the loan need not be repaid unless the prospectors strike oil. With close to a million acres under lease in the central Jatibonico Basin, where a wildcat syndicate last May opened up the country's first sizable oilfield, Cuban-Colombian agreed last week to drill six 4,000-ft. wells when geological surveys are completed...
...TEXAS OILFIELD may turn out to be a major discovery. In the Panhandle's Gray County, Phillips Petroleum Co.'s No. 1 Delp well has produced 3,720 barrels of oil a day on tests, plus 6.6 million cubic feet of natural gas. Geologists believe that the oil-famous Anadarko basin, major Oklahoma producer, has finally been traced into Texas...