Word: qum
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Dates: during 1950-1959
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...reserve for future exploitation. It will allow foreign companies either to share the costs of exploration and development with the state-owned National Iranian Oil Co., or go it alone; in either case NIOC will take at least half the profits. Among the areas opened up: the fabulous Qum oilfield in central Iran (TIME...
...Iranians had some reason for their confidence. Near Qum last August government oil drillers brought in a gusher that spewed forth 80,000 bbl. of oil a day. Before the well could be brought under control by U.S. Expert Myron Kinley (TIME, Feb. 9, 1953), more than 5,000,000 bbl. of oil flowed in a black river into a depression in the desert floor, made a lake of oil half a mile across...
...state-owned National Iranian Oil Co. is sinking another well near the sealed-off gusher, plans to put down five more during the next 18 months to outline the field. The new holes will tell whether Iran struck an isolated pocket of oil under extremely high pressure or whether Qum is one huge continuous field. If it is the field that Iranians-and some U.S. oilmen-believe it is, then it will take enormous amounts of cash and special know-how, more than the Iranians possess, to control the mighty gas pressures and extract the oil. In addition, a pipeline...
Apparent front-runner in the race for the Qum oil concession is Italy's state-owned ENI oil and gas monopoly, headed by ambitious Enrico Mattei, who wants to force Italy's way into the international consortium of British, Dutch, French and 14 U.S. oil companies that holds the concession on Iran's older oilfield along the Persian Gulf. A fortnight ago ENI had reportedly closed a deal to exploit Qum itself. Last week it was disclosed that ENI had merely initialed a contract, subject to ratification by the Iranian Parliament, to explore three other areas. Under...
...While Iran was publicly demanding a 75-25 split with any company that wants to develop Qum, there were strong reports in Teheran that the Shah was well aware that major oil companies, with the capital and marketing facilities needed to sell Qum's oil, will hardly agree to such a split. To do so might well force a revision of royalties in the Middle East and other areas. Under the circumstances, oilmen expect that Iran will soon consider-and pass-a new law that will offer oil companies some tempting inducements to develop Qum and other Iranian areas...