Word: petrosud
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...company to continue." Moreover, if Gulf accepted a 60-40 deal in Italy, it would jeopardize its 50-50 deals with countries such as Ku wait, where Gulf owns half of the West's third-biggest oil producer. Last week Gulf sold its half interest in Petrosud, its mainland subsidiary, to the big Montecatini Chemical complex (TIME, Jan. 21), its partner in the enterprise. Gulf will press ahead in semi-autonomous Sicily where operations are governed by a more favorable oil law. This week, as Gulf's field in Ragusa, Sicily hit 18,000 bbls...
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...
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