Word: oilmen
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...struck it really rich; in the Jáltipan area they found a great dome that may be the world's biggest, surpassing even Texas' famed Boling Dome, which has yielded 40 million tons. This time the Bradys turned over production rights to a group of Texas oilmen who formed Pan American Sulphur...
ITALIAN OIL WELL has been brought in by Petrosud (privately owned by Italy's Montecatini and Gulf Oil Corp.) with oil at 2,200 ft. in the Abruzzi area 85 miles northeast of Rome, first find in the district. The new well is a big victory for private oilmen in their fight against Italy's state-owned A.G.I.P. (TIME, Nov. 29); the state company had previously explored the area for oil and failed to find a drop...
...chance-taking-ex-driller, McMahon climbed into his private plane (in which he flies 200,000 miles yearly), set out on a tour of U.S. gas capitals to persuade Fish and his associates to let Canada into the deal. Since pipeliners and oilmen continually drift around the North American continent in their private planes, the negotiations drifted, like some gigantic floating poker game, between Houston, Washington, New York, Chicago and San Francisco. Finally the oilmen came to terms, and last week the private planes converged on Tulsa (it happened to be the most central spot that day) to sign...
Such big rich Texas oilmen as Clint Murchison and Sid Richardson (TIME, May 24) have made their millions by a variation of the capital gain-the depletion allowance. Others have made their millions in a dozen different ways, helped by capital gains. They have built up old companies, formed new ones, invented new products or services and even entire new industries-all with profits (when and if they sell out) subject only to the capital-gains tax. Los Angeles' William Lear, for example, has built his Lear, Inc. into a $50 million company making automatic pilots and other electronic...
...inherited was a set of leftist petroleum laws admirably designed to keep the country's oil in the ground by frightening investors and prospectors away. Last week, in a temporary decree. Castillo Armas opened the entire national territory to surface or air exploration by reputable Guatemalan or foreign oilmen. Details of concessions for future development were left for a permanent oil law, now being prepared with the help of Venezuelan technicians...