Word: ragusa
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...Nicolo Pignatelli Aragona, president of Gulf's subsidiary, Gulf Italia, and tidied up the facts. "Although constantly being attacked," he said, "private enterprise is the most powerful instrument for social and economic development wherever it is given a competitive chance." Since first striking Sicilian oil in 1954 at Ragusa (where ENI had tried and failed), he pointed out that Gulf has drilled 34 holes, and that 31 of them are now producing 22,000 bbl. a day-only half of eventual capacity. In contrast, ENI's subsidiary, AGIP Mineraria, has moved into Gela, 30 miles away, in hopes...
...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. a day, it opened a 14-in. pipeline to the port of Augusta, announced plans for a sharp step-up in production...
...normal 9 billion ton wheat harvest; industrial production was up nearly 10%. Crude-steel production topped 4,000,000 tons and auto production increased to 215,000 cars and trucks, both alltime records. An important new oilfield has been tapped on the Adriatic coast, while Sicily's Ragusa field (TIME, Jan. 25, 1954) has four producing wells, with a fifth...
...Sicily, which has a large amount of autonomy, allowed two dozen foreign and Italian firms in to hunt for oil under a new Sicilian law. By last week, Gulf Oil Corp. had brought in three promising wells with an average production of 350 tons daily in the Ragusa area (TIME, Jan. 25). The Anglo-Iranian Oil Co. has reported that it, too, has found oil. But when Gulf asked for permission to exploit its find last month, E.N.I, did everything possible to thwart the deal. Mattei started a campaign in Rome and Sicily, got the support of Communists who want...
...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...