The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1920-07-30
BRIGHT FUTURE
IN MEXICAN OIL
BELIEF EXPERTS
BRITISH AND AMERICAN COM.
PANiES THERE ARE BUILDING
FOR THE FUTURE.
PREPARING WELLS FOR DIGGING
Faith Expressed that Good Dividends
viii Be Paid on the Business in the
Years That Are comins--Many I'm.
provements.
BY RALPH TURNER.


Omitted Press Staff Correspondent.
CITY OF MEXICO. July 20 (By
Mail) From the operating point of
view, American and British oil com,
panies in Mexico are building today
for the future. More and sIpore are
they beginning to view the business
of Mexican oil as a proposition which
is going to pay dividends for great
many years.
This tendency is plainly evident de.
spite the fact that a settlement of
juridicial. questions with the Mexican
government is still pending.
1t is evident from the projected con-
structiOn of new refineries, terminals
and storage facilities; it is reflected
in the new era of welfare" work
the building of club houses, resi-
dences and schools for the companies
employees and their families; it gains
further support by the amount of new
development work which is going for
ward in the fields.
For instance, reliable information
received by the United Press shows
that on June Is there were 159 new
wells in the making; either drilling
had been started or the wells were
rigging up preparatory to drilling.
A large number of these wells were
wildcats wells being drilled in un.
proved territory. Altogether, they
testified to great deal OF new &C.
tivtMssx,.AcsA..A "A. IA :SA-;AS "a: ~ ~
AS drilling increases, it must be
accompanied by enlarged facilities for
handling the oil.
The two principal companies repre-
senting British interests, the Corona
Petroleum Company and FL Aguila,
have concluded tank construction
program which will provide storage
capacity for about seven million bar
rels of oil. The Corona company al
ready has begun work in the building
of ninety 55,O00-barrel steel tanks.
The Continental Mexican Oil Com
pany, representing American capital,
has let contracts for twelve $4,000
barrel tanks.
AS place to make ones home,
Tampico is no garden spot, so If the
foreign oil companies are to retain
the services of their American en-
ployees, they must make life as at
tlactive as possible.
The Transcontinental Company,
subsidiary of Standard OIL soon will
begin construction of a modern club.
house, with tennis courts, library
dance hall and all the other requisites
OF well-appointed club Other COM
panies have planned similar action,
while the Corona company, a British
concern, is to construct a complete
at cost of sevral mil
non dollars. The program includes a
new refinery, an office building, club
house, school building, merchandising
stores and homes for the employees.
Almost all of the companies are erect
ing residences and several have let
contracts for new Office buildings.
And while Tampico is enjoying a
boom, the oil production
grows apace and the boys out in the
ields continue "bringin' in the wells"
In the past month two of the biggest
producers in Mexico have been drill
I'd. Both are estimated at 10000
barrels daily, one of the gushers spout
ng stream of black, liquid wealth
nigh into the air above the top of the
derrick.