Word: standardized
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Dates: during 1950-1959
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...agreements that may some day set thousands of oilwell pumps to work on the important job of increasing Latin American oil production welled up into news in two countries last week. Argentina was on the verge of signing a pattern-setting exploration and development contract with Standard Oil Co. of California when its politicians abruptly balked, forced a cautious re-examination of the whole deal. Guatemala laid down a come-and-get-it oil code that set hardboiled but workable terms by which it is willing to let foreign oil companies find and pump...
...kill a cow." President Juan Perón wants foreigners to come in and produce enough oil to supply his country's needs and to staunch the wound that bleeds the economy of some $200 million a year. Perón last April signed the contract with California Standard, subject to legislative approval. Its main provisions were those that in general prevail throughout the world: 1) a 50-50 split of profits between government and company, 2) commitments aimed at requiring the company to make discoveries fast, and 3) assurances that local oil needs will be met first...
Workable But Not Liberal. Guatemala's new code, by contrast, gave every promise that the pumps will be clanking soon. It, too, adopted the 50-50 formula and other major provisions in the world pattern. Three big oil companies-California Standard, Standard Oil Co. (N.J.), and Conorada Petroleum Corp. (a combine formed by the Continental, Ohio and Amerada oil companies)-seemed ready to sign...
...Guatemala, the companies had some qualms. "The law is workable, but not liberal," said California Standard's special representative, Frank Plaza. Oilmen think that if oil is found in that country it will be in the sparsely settled jungle region in northern Petén. near the Mexican oilfields. Equipment will have to be flown or dragged in. Under the circumstances, Guatemalan requirements that each company drill at least one well every six months on each concession may be burdensome. Said Lionel Weidey, Jersey negotiator, "Guatemala's first barrel of export oil will cost $50 million...
EAST COAST GAS WARS are forcing bie producers to chop prices to retailers. With some Manhattan service stations selling gas as low as 15.8? per gal., Socony Mobil, Esso Standard Oil and others have cut wholesale prices up to ½? per gal. in most of the seaboard marketing area from Maine to Washington, D.C., the first price reduction in nearly a year...