Word: bbl
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Dates: during 1980-1989
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This strengthened relationship comes at a time when Egypt is basking in a spell of peace-induced prosperity. Thanks to the return of the Sinai oilfields, which Israel had held since the 1967 war, Egypt is now pumping 625,000 bbl. of oil per day, and this year will earn $2 billion in petroleum export revenues. Suez Canal tolls should amount to nearly $1 billion by next year, and Egyptian workers abroad currently send $2 billion per year back home. Overall, the rise in foreign-exchange earnings, from $2.6 billion in 1975 to $7 billion in 1979, has produced...
...discovery in the swamps of Sudan and new finds offshore of Nigeria and some other west coast countries have renewed interest in the African continent. Amoco recently sank a wildcat well in the Seychelles merely on the ground that Madagascar, about 700 miles away, has an estimated 10 billion bbl. of tar on its surface. Where tar is found, oil is usually not far away. On the other side of the Indian Ocean, India has reportedly found indications of an oil bonanza off its southeast coast. Michael Morrow, publisher of Hong Kong's Petroleum News, told TIME that...
...Exploration Outlook: We estimate that two-thirds of the remaining oil and gas to be discovered in the U.S. exists under the approximately 760 million acres onshore and the 500 million offshore acres that the Federal Government owns-something like 60 billion to 80 billion bbl. of oil and 300 trillion cu. ft. of gas. While other countries are leasing and exploring about 40% of all the coastal land outside the U.S., less than 5% of our own offshore land has been explored. We think the undiscovered oil off the shore of Alaska alone is equal to the entire known...
...unable to go first to the areas we think have the greatest potential. Industry is pushed into intense competition for small deposits that will not really make the largest contributions toward solving our energy problems. Under the Administration's schedule, we will be producing 1 million bbl. per day from Alaska by 1995. But under our schedule, production would be 4 million bbl. by the same deadline. That would be more than half our current daily imports...
...financial adviser, connoisseur of paintings, wine, well-bound books and unfettered women. Petrodollars, he reasons coldly, can rig almost anything, including the stock market. His plan is simple. Surreptitiously insert billions of those dollars into the U.S. stock market and then cut the price of oil to $10 per bbl. The Dow Jones average will go through the top of the World Trade Center, and the Kingdom will be an overnight hero to the hard-pressed West. The scheme works on paper -at least the clothbound kind...