Word: aminoil
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...have been selling holdings to streamline operations. Last week, in one of the biggest divestitures to date, R.J. Reynolds Industries, the second-largest U.S. cigarette manufacturer, took a back-to-basics step by selling its energy businesses to Phillips Petroleum for $1.7 billion. The units sold include Aminoil, an oil and gas exploration concern, and Geysers Geothermal, which produces steam for power generation in California. It was the second major divestiture of the year for Reynolds. In June the company spun off its containerized shipping subsidiary Sea-Land to shareholders...
...stored in tanks within the pyramids and periodically emptied by ships. The project is expected to yield 50 bbl. of oil and 600,000 cu. ft. of gas a day, which will not be enough to offset the $8 million investment made by ARCO and its partners, Mobil and Aminoil USA, Inc. The capping operation, however, will produce other benefits...
...sight, Getty figured that he needed even more oil to feed the giant refiner. The place to get it was one of the few Mideast areas left untouched: the Neutral Zone, a barren, null tract owned jointly by Kuwait and Saudi Arabia. Already, the American Independent Oil Co. (Aminoil) had a 60-year concession from Kuwait for its half share in the zone, and several companies were negotiating with King Ibn Saud of Saudi Arabia for his share...
...Saudi Arabia signed an agreement giving Getty one-half interest in the Neutral Zone for 60 years. Getty sent son George to run the new venture, pumped $7,500,000 into drilling and exploration (Getty shares such costs, and all oil removed, on a fifty-fifty basis with Aminoil...
...considers that just a beginning; the wells are scheduled to double production this year. The zone has 60 wells producing 100,000 bbl. daily, another 60 that have struck oil but are shut in until a bigger pipeline is laid and Getty's refinery goes on stream. Begrudgingly, Aminoil has conceded Getty's wisdom, itself is drilling the Eocene formation. Meantime, Getty has acquired a .4167% interest in the Iranian Consortium, good for about 700 million bbl. in reserves...