Word: basins
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...Phillips Petroleum Co. and Chevron U.S.A., a subsidiary of Standard Oil Co. of California, paid a record $333.6 million for the right to explore for oil on a single 5,700-acre offshore tract in the Santa Maria basin off Point Arguello, Calif. Now that money looks like the down payment on a bonanza. Last month Phillips and Chevron announced that a test well had brought in a gusher, and expectations were heightened by several other successful drillings near by. Then last week Texaco confirmed the existence of a major oilfield by announcing crude flows from...
...Santa Maria basin is just 40 miles from the site of the 1969 disaster off Santa Barbara, where an oil well blew off a piece of the sea floor and coated miles of California beaches and thousands of sea birds with sticky crude. So far, environmentalists have not tried to block drilling activity at the new discovery site. Says John Zierold, chief lobbyist for the Sierra Club in California: "We have to await the results of some tests. We're not going to shoot from the hip on this...
Concern over pollution is one reason the Santa Maria basin was not explored sooner. Only since Interior Secretary James Watt took office in January 1981 have oil companies been encouraged to explore aggressively for new reserves in undeveloped areas. Their recent successes have come after the highly publicized and expensive failures at Georges Bank off the Massachusetts shore and the Baltimore Canyon off New Jersey. Experts have known of petroleum deposits in the California basin for years, but ignored them because early tests showed, inaccurately, that the oil was heavy and hard to refine...
...danger of running out of funds before fiscal year 1982 ends on Sept. 30. As approved by Congress last August, the bill gave Reagan much of what he had asked for, including $5 billion for military pay hikes and $350 million for his aid package to the Caribbean basin...
...veto decision was not easy. The bill contained two key spending elements that the Administration sorely wanted: funds to meet the military payroll through the end of the current fiscal year and $350 million for the Caribbean Basin Initiative (C.B.I.) aid package to Latin America and the Caribbean area. In hopes of persuading Congress to revise the package, Reagan and Budget Director David Stockman had sent strong signals to Capitol Hill that the measure as written would probably be vetoed. But many legislators calculated that when the bill reached him at his California ranch, the President would reluctantly sign...