Word: chevronings
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Having recovered from a terrorist ambush two years ago, when he was shot eight times while driving to work, Chevron Boss Giovanni Theodoli, the president of the Italian association of petroleum companies, also practices unpredictability. When the time comes for the association's bimonthly meeting, only Theodoli knows in advance where the gathering will be, and members call him an hour beforehand to get a code number for the site...
...Tuscaloosa Sand since the early 1960s, but the gas proved elusive. Formed 65 million years ago in northern Louisiana and swept southward by ancient rivers, it lay hidden under a layer of limestone that distorted the echoes of shock waves by which geologists map underground formations. But a Chevron geologist's hunch, confirmed by tests using computer techniques, led prospectors to a swampy field on the Parlange plantation. When the drill bit spun into a zone of extreme pressure 21,345 ft. down, the gas and steam crushed the well casing, ripped out a blowout preventer...
...open pit, where they set it ablaze to prevent an accidental explosion. By the end of September, workers managed to pipe the gas through a purifying plant and into a pipeline, through which it flowed at an uncontrolled rate of 140 million cu. ft. per day. Says Chevron's Exploration Manager David Johnson: "If we had tried to shut it off, the gas would have blown the control equipment out of the hole...
...Parlange strike and an earlier successful Chevron well called the No. 1 Alma Plantation have touched off fresh waves of leasing and prospecting activity. Altogether, major oil companies and independents have leased more than 1.8 million acres. Some landowners got as much as $350 an acre and a one-third share in future production. The state of Louisiana, controlling 5 million acres, leased land on the bottom of Lake Pontchartrain for $324 an acre and a choice site elsewhere at $1,500 an acre in competitive bidding. So far, the Tuscaloosa Sand has yielded 14 producing or potentially producing wells...
...Government's approach to energy problems has been largely characterized by indifference, indecision and delay," complained Donald L. Bower, president of Chevron U.S.A. But, he added, "there are measures our nation can undertake to slow and later reverse its increasing dependency on foreign energy." He stressed the need for additional discoveries and the widespread application of methods, such as pumping solvent chemicals into depleted wells, to get more oil out of older fields. "By 1985 more than 40% of total domestic production must come from new discoveries or enhanced recovery projects." Bower was pessimistic about the outlook for domestic...