Word: bbl
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Dates: during 1950-1959
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Getty stepped in and outbid them all. Though not a drop of oil had yet been discovered in the Neutral Zone, he offered Saud $9,500,000 in cash, $1,000,000 a year whether he hit oil or not, to be applied against 55?-per-bbl. royalties and 25% of the company's net profits from Neutral Zone production. In 1949, "in the name of God, the Merciful, the Compassionate," Pacific Western and the Kingdom of Saudi Arabia signed an agreement giving Getty one-half interest in the Neutral Zone for 60 years. Getty sent son George...
...regained it last year when its shipments rose 4% to 6,115,762 bbl. v. 6,023,608 bbl. for Schlitz...
...most powerful instrument for social and economic development wherever it is given a competitive chance." Since first striking Sicilian oil in 1954 at Ragusa (where ENI had tried and failed), he pointed out that Gulf has drilled 34 holes, and that 31 of them are now producing 22,000 bbl. a day-only half of eventual capacity. In contrast, ENI's subsidiary, AGIP Mineraria, has moved into Gela, 30 miles away, in hopes of matching Gulf: there it has a 56,000-acre concession, but only four wells producing. Daily take: about 1,540 bbl. of crude so sulphurous...
This week it closed the third major deal of its move into U.S. oil with the purchase of the oil holdings of Floyd Odium's Atlas Corp., for about $20 million, in a cash and stock swap. This deal runs its oil reserves up to 40 million bbl., gas to 275 billion cu. ft., crude production to 10,000 bbl. a day, and refinery capacity to 50,000 bbl...
...World War II, when the Communists nationalized its Rumanian oilfields, Petrofina swapped its license to refine in France with British Petroleum for a guaranteed supply of crude, revitalized affiliates, merged, swapped and bought outright until it has now expanded into 63 affiliates in 23 countries, selling some 150,000 bbl...