Word: mobilization
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Nigeria. The government at present owns 55% of the oil operations of Gulf, Mobil, Texaco and a Shell-British Petroleum joint venture. And as recently as August, it disclaimed any attempt to grab for more. Nonetheless, some oilmen expect an effort at complete nationalization soon...
Libya. The operations of six companies have already been 100% nationalized, and the government has taken majority stakes in eight others, including Mobil, Exxon and Occidental. In addition Occidental and Libya last week settled a dispute over production levels in two Libyan fields; the dispute had threatened to jeopardize a 1973 pact that left Occidental with a 49% interest in its Libyan operations...
...after another, Egyptian dignitaries took turns opening the valve and sending jets of oil across the sand. Finally, an executive of Mobil Oil−a partner of the Egyptian oil firm that controls the wells−warned: "Better hold off, boys. That stuff is worth ten dollars a barrel...
...signing ceremony, which took place inside a former Israeli compound (a sign on the fence in Hebrew warned of land mines), the Egyptians beamingly approved of the Americans' work. "You have done a great job," said Hilal. "We hope we will see you again in Egypt." Answered Mobil's Cairo manager Ross Sawtelle on behalf of his crewmen: "They have drunk of the water of the Nile and that means they will return...
...depletion allowance. Oil company profits for the first nine months of this year ran, on an average, 31% below last year's spectacular highs. In the quarter ended Sept. 30, Exxon's profits were down 31.2% from a year earlier, Gulfs 36%, Texaco's 38% and Mobil's 17%. The slide in earnings, plus the new price rollback, is certain to dampen oilmen's enthusiasm for much needed exploration. U.S. production of crude is in its fifth consecutive year of decline. And though oil companies completed drilling a record 25,729 domestic wells...