Word: oiling
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Dates: during 1950-1959
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...business-minded Miguel Aleman became President of Mexico, named Antonio Bermudez, a wealthy whisky distiller, to head Pemex. Bermudez cracked down on graft and featherbedding, stepped up exploration. By 1951, production was twice that of 1938; last year the nation's wells produced 94.1 million bbl. Geologists and oil engineers, trained at the University of Mexico, directed a wildcatting program, using 146 drilling rigs, that brought in 18 new fields out of 84 tries...
Pemex is still inefficient, with 40,000 employees doing work that could be handled by 30,000. Graft and nepotism still creep in. Pemex must import $70 million worth of high-grade petroleum products yearly (but exports $45 million worth of crude oil plus some refined products). Its reinvestment rate is not high enough for any truly spectacular progress. But Bermudez does not propose to sacrifice Pemex welfare trappings in risky gambles on fast development. The success to date, he believes, plentifully fulfills Pemex' motto: "For the service of the nation...
...Records. Standard Oil Co. (N.J.), the world's biggest oil company, was close behind. Despite a drop in demand, Chairman Eugene Holman estimated second-quarter earnings at $188 million, somewhat below the first quarter but still enough to push the company's first-half net to an alltime peak of $425 million, some $33 million better than 1956. On a smaller scale, California's Superior Oil Co. did even better, with nine-month (ending May 31) profits of $15.7 million (equal to $37.20 per share), for a 412% jump over the previous year...
...month ago the biggest of Farben's successors, Farbenfabriken Bayer of Le-verkusen. announced one of its most am bitious projects. With Anglo-Iranian Oil Co.'s German subsidiary, Bayer will build a $60 million plant near Cologne to crack 2,100,000 bbl. of oil a year into basic chemicals for plastics and synthetic fabrics. This will vastly expand Bayer's production of 13,000 different chemicals, dyes, drugs, resins and photographic products (Agfa), which last year rang up $380 million in sales...
...Oil-rich Iran, long regarding foreign interest in its black wealth with suspicion, last week put out the welcome mat and declared open house for all comers. After two days of debate, the Majlis (the lower house of Parliament) passed a new law that opens up vast new areas of Iran for oil exploration and development under surprisingly favorable terms for foreign investors...