Word: bbl
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Dates: during 1970-1979
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...Holland as far back as 1959, but the first two oilfields in the sea did not begin producing until last year. At least four more fields are scheduled to begin pumping by the end of 1974. Total deposits under the chill waters are estimated to be 12 billion bbl. of oil and 50 trillion cu. ft. of gas. That is rather small by Middle Eastern standards-the oil reserves would supply only two years of Mideast production-but large by almost any others. For example, the North Sea deposits probably exceed the 10 billion bbl. of oil estimated...
...technological challenge. Brown & Root, a U.S. construction firm, is helping to build two semisubmersible drilling platforms for British Petroleum in Scotland. They will be 700 ft. tall, about the size of the largest office building in Europe. A Norwegian firm is building for Phillips Petroleum a 1,000,000-bbl. at-sea storage tank with a double shell; the exterior is perforated to absorb the impact of the giant waves. This technology is so expensive that capital costs of drilling average 20 times higher than those encountered on land in the Middle East. Still, savings on transportation costs and taxes...
...fact is that conservation of energy not only saves the environment but also pays off financially. Last year the President's Office of Emergency Preparedness concluded that the U.S. could reduce energy consumption by the equivalent of 7.3 million bbl. of oil a day; that would save about $11 billion in foreign exchange...
...produced more oil than it consumed; its purpose was to protect the high-cost domestic industry from low-cost foreign imports. But since 1970, when the nation's growing energy needs turned it into a net oil importer (the U.S. currently is importing an estimated 6,000,000 bbl. per day), the quota system has proved to be unwieldy, inflexible and a hindrance to oil-industry planners, who could never be certain of future foreign supplies. For example, uncertainty over supplies of crude oil from abroad has been a prime reason that the industry has not built enough...
...acreage annually leased by the Federal Government to oil companies. The order will encourage further exploitation of the U.S.'s rich reserves on the continental shelf with new and environmentally safe techniques. Administration experts estimate that the additional offshore drilling alone could raise oil production by 1.5 billion bbl. a year (or 16% of projected demand in 1985) and gas production by 5 trillion cu. ft. (20% of demand...