Word: bbl
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Dates: during 1970-1979
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...England for modern weaponry with which to rearm their badly equipped military forces. They will probably make only a few selective purchases at first, because of their shortage of capital. Chinese and Americans kept up brisk negotiations. Coastal States Gas Corp., a U.S. firm, agreed to buy 3.6 million bbl. of Chinese crude, the first shipment to arrive early this year. In accordance with its aim to double annual steel production, to 60 million tons in 1985, China signed an agreement with Bethlehem Steel for the development of an iron mine at Shuichang, in Hopei province...
...fever pitch last month, when Pemex, the government monopoly, revealed the latest strike in the Chicontepec field near the Gulf Coast city of Tampico. Pemex Chief Jorge Diaz Serrano estimated that the field would double the country's potential reserves of oil and gas to more than 200 billion bbl...
...three ways: proven, probable and potential. Unlike other countries, Mexico further complicates matters by lumping oil and gas together; about two-thirds are oil, one-third gas. The government figures its proven reserves?oil and gas that can be recovered with existing technology at current prices?at 20 billion bbl. This total is expected to be raised soon to about 30 billion bbl., which would make Mexico's known supplies of oil slightly larger than those of Venezuela or Nigeria, though far smaller than Saudi Arabia's 160 billion bbl. The official reckoning of the much less certain probable reserves...
...matter how it is gauged, all this is splendid news for Mexicans, millions of who live in poverty. Pemex hopes to lift production from its present 1.5 million bbl. a day to 2.5 million by 1980. At the same time, it expects to triple its oil exports to 1 million bbl. a day, mainly to the U.S. (whose total imports now are 9.1 million bbl.). As a result, oil earnings are expected to hit $8 billion annually...
...that surely was part of his assignment. Another part: to ponder the impact of Iran's instability on nearby Saudi Arabia. U.S. officials are exceedingly worried about the vulnerability of this sparsely populated, semifeudal monarchy, which possesses the world's largest proven oil reserves (150 billion bbl.). Admits one Administration official: "It gives me the willies just thinking about Saudi Arabia...