Evening journal., 1922-01-03
AMERICANS IN
S. A. OIL FIELDS
Capital From This Country
Invested in Argentina
And Bolivia
FUTURE PROSPECTS
EXCEEDINGLY BRIGHT
BY BRYANT POWERS.

Nbnlted Press stan correspondent.
BUENOS AIRES, (By Mail to the
United Press) America at last has
entered the oil game in Argentina
and Bolivia, where English. Ger.
man, Belgian and other foreign
capital has already been put tc
work.
In Argentina, American capital
commonly reported to be that of the
Standard oil Company, has been in
vested in the new field in the terri
tory OF Neuquen. where drilling is
now going ahead with excellent
prospects In Bolivia. the Standard
oil group recently obtained control
OF a huge amount OF acreage held
by the Braden interests.
Argentina's oil future is so bright
that il is commonly believed among
oil men that this country will prove
to be one of the worlds great pro-
ducing centers when it is adequately
developed. Bolivia also is known to
possess possibilities OF very great
production. The Bolivian territory,
however, because of the distance
from market and the difficulties in
the way OF development, generally
has been considered by experts as
a reserve for the future. For some
years American geologists scouting
for powerful companies have been
making detailed studies OF prospec-
tive oil fields in this part of South
America. While 1t has been known
that reports almost uniformly were
hopeful, no development work was
undertaken, largely, it is understood
because the American companies
were not satisfied with the laws
regulating petroleum development
that were in force. SO little was
done, in fact, that "the Americans
come, then the Americans go" be-
came a proverb among those iner-
ested in the industry in Argentina.
Powerful British interests, as
well as German capital under the di-
rection Of Hugo SHINES and Others
and money from other nations, en-
tered to field in the face of lega
objections. They have now acquir.
ed such large interests that Amer
leans practically were forced In
self-defense to take definite action
The first American purchase in
Argentina was the ground being de-
veloped by the "Compania PetroleC
de Challeco" in Neuquen, this com
pany being directed by Argentines
Three drilling rigs are now on the
ground there. Il is understood that
drilling operations will be actively
pushed.
American manufacturers of OIL
well and refining supplies and allied
products should begin to look to-
ward Argentina as a large potentia
market, in the opinion of the many
American petroleum experts now IL
the country.
While Argentina is already pre-.
ducing oil in at least two good rields
the industry has not yet passed Oh
Of the swaddling clothes stage. IL
addition to tools for drilling, it viii
be necessary to purchase thousands
Of tank cars eventually, pipe for the
construction OF pipelines. pipe fol
casing, tankage, vehicles for oilfcld
transport, tankships and barges
roadmaking machinery for facili-
tating transport in the fields, rein.
cry supplies, construction materia
for refneries and reloading stations
and many other like products.
Because United States IS he hon,
Of the oil industry ana has always
led in the development ri the entir'
industry, 1t may expect a large share
OF the business that will be the out
come Of the development here. Since
( practically everything remains TO bl
done in the industry IN this country
4 American firms selling oil iel'
products still may enter the inarke
/ on practically even terms with thos
Of other countries.