Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...NATIONAL IRANIAN OIL CO. is the biggest and most sophisticated government firm. Iran nationalized petroleum in 1951, and N.I.O.C. controls all oil production, pricing and exploration in the country, which has reserves of 60 billion bbl. Pumping the oil is left to a foreign consortium-including British Petroleum, Gulf and Exxon-that is allowed to buy most of the oil that is lifted. Of the 5.7 million bbl. pumped daily, about 600,000 bbl. go directly to N.I.O.C., which refines and markets this amount for use within the country...
...refineries in Iran and holds interests in refineries in India and South Africa. The company is also moving into petrochemicals and exploitation of Iran's immense natural-gas reserves. In a deal that suggests the shape of the future, N.I.O.C. is contracting to sell up to 100,000 bbl. a day for 15 years to Ashland Oil Co. in return for a half interest in 180 service stations in New York State (which will sell gasoline under the Ashland-N.I.O.C. brand name) and a refinery in Buffalo...
PETROMIN, Saudi Arabia's company, has enormous potential because of the country's vast reserves, estimated to be 132 billion bbl. At present, it stands in the shadow of the world's biggest oil-producing firm, Aramco, which pumps virtually all of the 7.3 million bbl. produced daily in Saudi Arabia. King Faisal's government holds the largest share of Aramco (25%) in partnership with Exxon, Standard of California, Texaco and Mobil. The government has contracted to take over 51% of Aramco by 1982-and, according to reports last week, may demand 100% much sooner...
IRAQ NATIONAL OIL CO. rose to power after the government in 1972 seized almost all the concessions, equipment and pipelines of the Iraq Petroleum Co., a consortium that included British Petroleum, Shell, Exxon and Mobil. Iraq has estimated reserves of 31.5 billion bbl., and I.N.O.C. manages exploration and production, though it still sells some to the majors. I.N.O.C. has a big plus: an adequate supply of trained personnel, many of them schooled abroad largely at the expense of the major international oil firms...
NIGERIAN NATIONAL OIL CO. is Africa's largest and most promising state petroleum firm. Nigeria produces 2.2 million bbl. a day-about 40% of which finally ends up in the U.S.-and the government of General Yakubu Gowon openly intends to gain control of every aspect of the petroleum business N.N.O.C. has already bought 35% of the biggest oil firm, Shell-BP, and will take over...