Word: bbl
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Dates: during 1960-1969
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...with Sinclair. Steiniger brought in 105 wells in 108 attempts during a three-year period, and located the Barinas Field that is one of the company's prime properties. Sinclair needs oil badly because it is in the uncomfortable position of owning far more refining capacity (470,000 bbl. daily) than production capacity (201,000 bbl.). Buying crude to keep its refineries cracking costs Sinclair $3 a bbl. v. $2 for oil from its own wells. Describing his company's plight, Steiniger uses a kitchen analogy: "It's like a baker with big ovens and not enough...
...balance sheets, announced that Sinclair had found oil in quite another manner. For about $252 million, it agreed to buy Houston's Texas Gulf Producing Co., Sinclair's third acquisition this year. If stockholders and the Government approve, Sinclair will get added supplies of 33,500 bbl. daily from Texas Gulf fields in nine states as well as in Libya and Peru. On the lookout for still more, Steiniger will spend $80 million this year for Sinclair explorations from Canada to Somalia...
...controlled by two brothers, Chairman Gordon Reed, 63, and President Lawrence S. Reed, 58, who spent almost ten years buying and selling oil leases before they took over Texas Gulf in 1941. The Reed brothers have also been adept at oil prospecting. Their greatest strike was the 150 million bbl. Headlee Field in West Texas' Permian Basin. But that was in 1952, and the costs of finding another one like it today are staggering. The best prospects remaining are Louisiana deep holes that cost $700,000 each to bring in, or offshore wells that can cost...
...last year exported $1.9 billion to the West, mostly in furs, oil, iron ore and timber; it imported $1.7 billion worth of Western goods, chiefly machinery. To conserve its supply of hard monies, Russia tries to barter whenever possible, and its biggest success so far was sending 82 million bbl. of oil to Italy's state-run E.N.I, in return for large shipments of machinery and a chemical plant that the Italians are now building in Russia...
...government monopoly (Y.P.F.) do so poorly that most of Argentina's unfavorable trade balance came from importing oil. President Arturo Frondizi allowed foreign oilmen back in 1958. They have saved the nation some $170 million a year in imports by more than doubling oil production to 96 million bbl. annually. But there is also a feeling among many local Latins that contracts with foreign oilmen are too generous...