Word: ekofisk
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Dates: during 1970-1970
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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...
...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...