Concession

About to change hands last week was the famed Barco oil concession, an inaccessible 500,000-acre tract of jungle in northeastern Colombia. Originally granted to Colombia's late General Don Virgilio Barco in 1905, it is one of the world's great concessions, though hardly a barrel of oil has yet been taken out of it. Wells have been drilled, but the necessary pipe-line to the coast is yet to be laid. For the past decade the Barco concession has been controlled by Gulf Oil Corp.

Last week Texas Corp.'s Chairman Torkild Rieber confirmed reports that Socony-Vacuum Oil Co. and Texas Corp. were jointly negotiating with Gulf. Said Mr. Rieber: "Socony-Vacuum and the Texas Corp. will participate equally in this purchase and will proceed at once with the exploration and development of the territory."

This file is automatically generated by a robot program, so reader's discretion is required.