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...

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