Word: oiling
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Dates: during 1950-1959
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...Iraq has its geographical unity, its great river valley, and after three generations under a British-created monarch, its own political and economic institutions. Above all, it has oil. Among Arab states, Egypt and Syria lack the oil-creating wealth, Saudi Arabia and the Persian Gulf sheikdoms the economy that can absorb it. Iraq, alone of all Arab nations, has both, and on the wave of its oil royalties it has launched an ambitious program of economic development that is transforming the political balances of the region...
...Eden. Six years ago Nuri persuaded the British-run Iraq Petroleum Co. to give him a 50-50 profit split such as Venezuela and Saudi Arabia enjoyed. He had already set up the nonpolitical Development Board, and awarded it 70% of all state oil revenues, so that the whole nation, not just a few wealthy princes, would benefit. The board set out to recreate in the Valley of the Two Rivers the verdant paradise that existed before the marauding Mongols of Hulagu Khan in 1258 wrecked the ancient irrigation system and dried up the Garden of Eden...
...silt from the ancient Babylonian water-distribution canals, now scheduled to be used again as in Hammurabi's time. Land under cultivation has jumped 40% as 20,000 families (an estimated 150,000 persons) have settled on newly reclaimed Go-acre tracts. The board has provided Iraq with oil refineries, textile plants, sugar mills. Since the board went to work six years ago, the number of primary schools has risen from 1,070 to 1,748, secondary schools from 108 to 152, hospitals from 82 to 121. And in the works for the capital is a new university. Saudi...
WILDCATTER Glenn McCarthy agreed to sell his last major oil and gas property, a 970,000-acre concession in Bolivian hinterlands, to Tennessee Gas Transmission Co., Union Oil & Gas Corp. of La., Murphy Corp. and Monsanto's Lion Oil division. Texan McCarthy lost heavily on Bolivian wildcatting, did not have enough funds to market oil after he found it. He will be lucky to break even on deal to give him $1,500,000 outright, another $1,500,000 if group can market oil...
...under waters of Lake Erie near Cleveland. Geologists estimate gas can be tapped half-mile offshore (Canadians have long been drawing gas from under north side of lake). Ohio will advertise for lease bids in about three months, will take one-eighth of market value of any oil or gas that is found...