PERU: Rush for Oil

In nationalist-minded Latin America, foreign oil companies rarely get a chance at new concessions these days on any terms. But in Peru, "nationalist-but-realist" President Manuel Odria now offers new concessions to foreign companies on the handsome basis of a 50-50 profit split with the government. Last week, less than a month after it began to accept bids under the new oil law (TIME, March 24), Odria's Oil Bureau was swamped with some 300 claims by 15 foreign and domestic oil firms for more than 9,000,000 acres of concessions. Said Oil Bureau Director...

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

Learn more about the benefits of being a TIME subscriber

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