Word: esso
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Following this trend, Jersey Standard last week was deep in plans to transfer control of European operations this fall to a brand-new subsidiary called Esso Europe, to be based in London. Esso Europe will oversee a 14-nation area that already sells more oil and gas than Jersey does in the U.S., and where sales are rising three times as fast...
Unlike the long common custom of manning overseas offices with a few U.S. executives and a staff of nationals from the nation in which the office is located, Esso Europe will be a miniature United Nations. Its seven-man board of directors will include an Italian, Frenchman and Briton, its 450-man headquarters staff will comprise many nationalities. Already Jersey has an advance task force in London made up of Italians shopping for homes for Italian executives, Frenchmen seeking out French schools and shops, Americans finding American quarters. "We consider Esso Europe an interim step," says Nicholas J. Campbell...
...tons; on order are 19 more for delivery by the end of next year. The British delivered their first leviathan, the 106,000-ton British Admiral, to British Petroleum last year, and Shell Oil Co. has just ordered a 170,000-tonner from Harland & Wolff in Belfast. Esso has contracted for a 152,000-ton ship from Bremen, three 170,800-tonners from Kiel, and two of 170,000 from French shipyards. Swedish shipbuilders, whose modern yards last year captured second place from the British in total tonnage built, will deliver in April the 114,000-ton Sea Spirit...
Three other drilling groups-Shell-Esso, Signal and Phillips-will shortly be joined by Rycade and the Burmah Oil Group. Among them, 23 consortiums have ordered some dozen drilling rigs, will spend more than $300 million exploring the British North Sea by 1969. There is every indication that their huge gamble will ultimately pay off. What they are playing for is a major gas field -some think it may prove to be the world's biggest-that is located on the very doorstep of one of the world's fastest growing energy markets: Western Europe...
...scramble in oil shares on the London stock exchange last week and heat up the race to get down to the sea in rigs. Of the 23 consortiums that Britain has licensed to explore its area of the North Sea, only five (Continental and British Petroleum, plus Shell-Esso, Signal and the Phillips Group) are actually drilling. Holding up the others: the slowness of British shipyards in building the rigs, which cost up to $10 million...