Word: oiling
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Dates: during 1950-1959
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While Premier el-Kassim insists that he does not want to repeat Nasser's mistake of driving away experienced people, his government has already dismissed or jailed most members of the old Development Board, including the director of oil affairs, who probably knows more about the business than anyone else in the country. The present Development Minister is a 29-year-old engineer with a reputation among rebels based largely on a tract he once wrote denouncing the old board, whose plans made Iraq the most promising land of the Middle East...
...home," and on Caracas' new Armed Forces Avenue, crude painted signs urge "death to the imperialistic Yankees." Venezuelan schoolchildren only seven and eight years old came out of one grammar school chanting memorized anti-U.S. slogans. In good-humored rebuttal, U.S. oilmen, who have kept Venezuelan oil flowing through dictatorship and revolution, are forming the SPCAID-"Society for the Prevention of Cruelty to American Imperialist Dogs...
News of Argentina's $1 billion worth of development contracts with foreign oil companies (TIME, Aug. 4) last week forced Brazilians to take a hard look at their own government oil monopoly, Petrobras. President Juscelino Kubitschek called the Argentine contracts "fabulous." Then he added pointedly: "Petrobras will be maintained, but any program to increase oil production well be wea received in Brazil...
Petrobrás' shortcomings cannot be hidden. It produces 50,000 bbl. of crude oil a day. must import the other three-fourths of the 200,000 bbl. daily consumption at an annual cost of $250 million-roughly equal to the current year's trade deficit. All the oil comes from a single area in Bahia, and Bahia crude is heavy and high in paraffin content, useful mostly for waxes, asphalt and fuel oil...
...even Petrobrás' operational boss is very happy with its showing. He is blunt, able U.S. Oil Geologist Walter Link, 56, once chief geologist for Standard Oil (N.J.), who was lured out of semi-retirement in 1955 by a tax-free salary of $100,000, plus the promise of a free hand. He has put together 15 crack geologic field parties, ten gravimeter and 15 seismographic crews, 36 wildcat rigs. But so far he has not found a single economically operable well outside of Bahia, despite the fact that Brazil has some...