Word: bbl
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Dates: during 1960-1969
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...from now on international oil companies will have to pay more for it. Last week, after two years of haggling, the Organization of Petroleum Exporting Countries (OPEC) finally reached an agreement with the eight largest companies operating in the Middle East to increase royalties to host governments-4? a bbl. more on 1964 production, rising to 6? by 1966. All the area's major oil countries except Iraq have ratified the agreement, from which they stand to gain more than $100 million in added revenues...
...drop in the barrel-Middle East governments collected $1.75 billion from oil last year-the agreement marked the first time since OPEC was founded in 1960 that the organization has succeeded in getting more money out of the companies. The oil firms already pay an average of 75? a bbl. in royalties, plus a 50% tax on profits. In addition to an oversupply of oil and slumping world prices, the producers are now saddled with an added cost of doing business. They have no choice but to absorb...
Nearly 125 companies in the U.S. now transport energy by pipe. Last year they pumped 14.8 trillion cu. ft. of gas and 3.7 billion bbl. of crude oil or refined products. Snaking more pipe over rivers and bays, deserts and mountains, the industry this year will lay another 28,200 miles at a cost of $1.8 billion...
...substratum contains plentiful oil, the continent has so far had only one big strike; it came 21 years ago in the Moonie fields of Queensland, where a consortium of Union, Kern County and Australian Oil & Gas hit a field that is expected to produce up to 10,000 bbl. per day this year. Actually, the searchers have lately been finding a great deal more natural gas than oil. Gas finds have been made in western Victoria, New South Wales and in South Australia. A combine made up of Delhi-Taylor and Santos, Ltd. has struck two wells 500 miles north...
Labor in Management. In the ten years since Petrobras started out to make Brazil largely self-sufficient in oil, the company's production of crude oil has grown from 990,000 bbl. to 36.5 million bbl. annually, and its refining output has risen from 907,000 bbl. to 90 million bbl. Yet Brazil still depends on private oilmen, both domestic and foreign, for 65% of its crude oil needs...