Word: kermac
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Dates: during 1960-1969
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...water and 16,000 ft. of mud and shale. A single successful well costs as much as $3,000,000, about six times the cost of a similar dry-land operation. The lease on a giant three-legged drilling platform, such as Kerr-McGee's Kermac 54, now jack-legged this week into 180 ft. of water 80 miles from shore, runs to $8,000 a day. Oil companies so far have invested $4.25 billion in offshore operations, recovered $1.75 billion of it. Under such conditions, all but a handful of independents have been frozen out of the play...