Word: petroleum
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Dates: during 1950-1959
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...people of oil-rich Alberta, whose provincial government now takes in more than $90 million a year in petroleum revenue, heard intriguing news last week. In his annual budget message, Social Credit Premier Ernest Manning said it was entirely possible that within the foreseeable future Alberta's oil and gas income would double. That would be enough to wipe out all present municipal, school and hospital taxes...
WILDCATTING for oil in the Egyptian desert is expected to begin soon. The Egyptian government and Conorada Petroleum Corp...
Gulf's find was also a victory for foreign capital in its battle against Italian Communists, who want to nationalize all petroleum discoveries, forbid any exploration and development except by the government. First, the Reds scoffed at the idea of the Americans' finding oil, then cried that Gulf would keep it in the ground so that it would not compete with other U.S. fields. To make them eat their words, Gulf plans to put its Ragusa No. 1 into production by March, even though the company would like to go slower, drill deeper in hopes of finding...
...Gulf and to a chain-smoking Texan named J. Elmer Thomas, who had been prospecting in Italy since the 1930s. It was Thomas who convinced Gulf that Sicily had oil in commercial quantities. Thomas died in 1949, but Gulf, working through its wholly owned subsidiary, American International Fuel & Petroleum Co., got busy. It hopes to make a deal to pay the government about a 12½% royalty on the oil brought in by its prospectors. Gulf, which has already spent $2,000,000 on drilling and exploration, will spend another $3,000,000 before it achieves any significant production...
...Sicily, half a dozen other companies are also active. Britain's Anglo-Iranian Oil Co. has already spent $500,000 on a test hole near Ragusa. Mediterranean Oil (Gulf and MacMillan Petroleum Corp.), Pacific Western Oil Corp., Montecatini and others have all bought extensive leases (now upped to a 16% royalty) from the government and are searching for oil. So far, 2,400,000 acres have been leased, almost 40% of Sicily's land, and Sicilians are waiting for the first gushers...