1908: A British company strikes oil in Persia (now Iran). It’s the first big petroleum find in the Middle East, and it sets off a wave of exploration, extraction and exploitation that will change the region’s — and the world’s — history.
Englishman William D’Arcy had obtained a license to explore for oil in Persia in 1901. He sent explorer George Reynolds, who searched fruitlessly for seven years.
Fresh investment from the Burmah Oil Co. had rescued the expedition financially in 1904, but with no results and D’Arcy’s personal fortune completely run out, he risked losing his two country houses and his London mansion. In Persia, staff was already being dismissed. Reynolds received orders from London for his last-chance well: Drill to 1,600 feet and then stop.
Why all the fuss? The automobile was in its infancy, and few people could foresee its future. How did an investor expect to get rich off […]
Original post by Randy Alfred
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