Word: bbl
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Dates: during 1970-1979
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...companies to lease about 453,-600 acres of federal waters for offshore oil and gas drilling in California's Santa Barbara Channel. The oilmen paid $624 million for 70 leases. But just as the Nixon Administration took office in 1969, a massive underwater blowout began slopping 1,000 bbl. of oil a day over miles of Santa Barbara's white beaches, killing marine creatures and raising a huge public outcry...
...seem to be turning up everywhere-on the North Slope of Alaska, in western Siberia and off the shores of Indonesia. Even so, the search for oil remains a frantic race to keep up with fast-moving demand. Oil usage in the non-Communist world reached almost 36 million bbl. per day last year and is expected to rise by well over 2,000,000 this year...
Some Surprise. Phillips cautiously said that its Ekofisk 2-X well may be capable of producing 10,000 bbl. of oil per day, though company men on the scene hope that further drillings in the immediate area will raise the figure for the whole field to 300,000 bbl. a day. One of Phillips' partners, Petrofina S.A., a Belgian oil company that owns 30% of the venture, estimated that the entire Ekofisk oilfield contains "approximately 7.5 billion barrels." If true, that would be four times greater than the present known reserves in all of Europe and would...
...main obstacle that Phillips and others face is the sea itself. Production of more than 200,000 bbl. per day will probably require a pipeline. The most likely place to run the line would be to Phillips' refinery at Billingham on the English coast, 220 miles away. Phillips now estimates that developing the Ekofisk field will cost around $500 million, including a pipeline. Further drilling may inflate that price, but Phillips and the eight other oil companies eagerly exploring under the North Sea figure the potential is worth the gamble...
...basic fuel, must pay much of the bill. Last year the Shah demanded slightly more than $1 billion in revenues. To meet that goal, the European-American consortium that brings out more than 90% of the nation's oil increased production by 14.8% to well over 1 billion bbl. a year. But with the glut in world markets, the consortium could sell only enough to raise $930 million and had to make up the difference with an advance payment of $80 million. Recently the nine companies involved agreed to the government's latest demand for $1.155 billion...