OIL & GAS: Come to Qum


In the ancient Iranian Moslem shrine city of Qum, oilmen gathered from all over the world last week. Their objective was to survey and if possible get a concession on a new oilfield which the Iranian government hopes will surpass the oil output of all the rest of the Middle East.

The 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...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!