ABSTRACT
The almost bloodless revolution which took place on 1 September 1969 scarcely affected oil operations. Production and exports of oil continued normally, apart from a two-week interruption of air and postal communications. There is little doubt that there were irregularities on the Government side in awarding the joint venture and on the company’s side in its representations and undertakings, which have already been described. The companies, in venturing on these new-style deals, had the political risks to consider, particularly since they were made at a time when, within the past year, the Government had seized control of pricing, royalty and tax rates and majority interests, including management control, of existing concessions. The international oil companies made good profits in 1970, and it became clear after the event that they had been holding the line on posted prices for ten years, not for themselves, but for consumers of oil.
