Word: petroleum
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Dates: during 1920-1929
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...Colombia, which was recently ratified, has aroused considerable interest in the present status of American investments in that republic. Some critics have gone so far as to imply that much of the agitation in favor of the treaty was due to the pressure from American interests, especially banks and petroleum corporations, which are of course especially concerned oyer any issue affecting the future attitude of Colombia toward American enterprises. An appraisal of the present status of the latter is, therefore, a matter of timely concern...
...most significant feature of American penetration into Colombia during the past few years has been in connection with the petroleum industry. Thus far the Colombian oil production has been amounting only to a few thousand barrels for local consumption. The rich possibilities of these deposits, however, and the relation of the American concessionaires to the Colombian government are factors which will figure conspicuously in the future relations between the United States and Colombia...
There are three salient features to the Colombian petroleum industry: first, the marked predominance, amounting almost to monopoly, of American capital in that field; secondly, the difficulty of access from the seaboard to the richer deposits, necessitating excessive costs of pipe line construction and drilling, which are nearly double those for corresponding work in this country and Mexico; thirdly, the legal status of the industry was radically changed in November and December, 1919, when a decree of the Colombian Supreme Court, followed by a new petroleum code, put an end to various government owner ships and "nationalization" schemes and removed...
...excepting Mexico. One of these interior fields, the two million acre DeMares concession lies about four hundred miles up the Magdalena Valley, near the river town of Puerto Wilches. The Tropical Oil Company of Pittsburg which had been operating that concession, was amalgamated early in 1920 with the International Petroleum Company, a Canadian subsidiary of the Standard Oil, and plans have recently been formulated for the completion of a refinery near the wells and for the construction of a $20,000,000 pipe line to the Carribean ports. The Transcontinental Oil Company, of Delaware, organized in 1919, is about...
...Bureau of Mines. Hostile criticisms have been aroused, however, by the proposed assessment of high taxes varying from 10 to 20 percent of the gross product and by the close supervision of exports as a means of levying such taxes. It is evident from the above that the Colombian petroleum deposits are to be developed under concessions granted by the government and the latter is therefore in much closer contact with the exploiting companies than is the case in Mexico where practically all the producing oil wells are located on privately owned land...