Word: esso
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Continental's find is the third such discovery in as many months in the British sector of the North Sea. Since 1959, when Esso and Shell discovered the mammoth Groningen gas field on the Dutch coastal plain, fuel-needy Europeans-and an international array of ambitious oilmen-have suspected that the world's biggest bubble of natural gas may lie beneath the North Sea. Except for one inconclusive well drilled off The Netherlands last year, that dream was long based on geological speculation and nurtured largely by faith...
...that would cover passage and shipboard purchases. Oil companies, which have offered oil and gas on credit for years, are now offering a whole new line of credit possibilities. Mobil cards can be used for car repairs and motel bills, American Oil cards for hotel, motel and restaurant bills, Esso cards for life insurance...
...independents have sprung up to plague the majors, buying gas cheaply from Continental refineries and then undercutting prices. Britain has been witnessing a cutthroat gas war for months, and last week it chalked up the first major casualty. Italy's state-owned ENI oil combine sold to British Esso its chain of 73 British stations and 40 new sites...
...feeler from Cefis was snapped up by Esso, which ranks third in Britain and was delighted to add AGIP to its 8,000-station chain. Esso agreed to pay $11 million for the chain, a sum that gave ENI a modest overall profit on its investment and last week earned Cefis the compliments of Italian businessmen for consummating un buonissimo affare. Besides removing one of Esso's competitors and restoring the chain to private enterprise, the deal also gives Esso precious locations that it can utilize in its battle with leading British Petroleum and Shell...
With Shell Oil and Esso, West Germany's Thyssen steel interests two weeks ago formed a new company, Thyssengas A.G., to import Dutch gas by pipeline and expand its market in the industry-rich Ruhr by vigorous price cuts. In The Netherlands, the Gasunie marketing combine expects a complete changeover by household gas users to natural Groningen gas by the end of 1966. Because natural gas yields twice as much heat as manufactured gas-and thus requires less gas for the same task-most appliances must be scrapped or substantially modified in the process. One result: mountains of discarded...