Word: oiled
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Dates: during 1960-1969
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...more than 18 months, the 23 groups of international oil companies drilling for natural gas in sandstone off the English coast have been caught between a devil and the deep blue sea. The treacherous North Sea and its gales have sunk two of their big drilling rigs, interrupted operations and increased production costs. The devil, as far as they are concerned, is Britain...
Council, which, as sole purchaser of any gas found under British waters, has been stubbornly holding out for the lowest possible price. The oil consortia, led by Shell and Esso, demanded at least 3.25 cents per therm (the amount of heat generated by 100 cu. ft. of North Sea gas). The Gas Council insisted on paying no more than 2.1 cents per therm, arguing for a price pegged to production costs rather than to the higher market value of the fuel...
Last week the Gas Council, with an obvious advantage in the bargaining, won its point. The council signed its first major sales agreement with a consortium headed by Phillips Petroleum of the U.S. and including Petrofina of Belgium, Italy's state-owned oil company AGIP, and a string of individual British investors. In 1969, the Phillips group will begin pumping natural gas ashore from its field at Hewett Bank, 20 miles off the East Anglican coast, under a 25-year contract that calls for a buildup to 350,000,000 cu. ft. daily by the seventh year...
Phillips decided to break the united front of oil companies for several reasons. One is that Phillips' holding is the closest to shore and the expense of pumping gas out of the field and into an expanding British pipeline system will be less than the cost to some other combines. Another is that, unlike Shell, Esso and others, Phillips has no large oil market in the United Kingdom and thus does not have to worry about upsetting domestic prices for its other fuels by pumping in cheap natural gas. Listening to the angry outbursts from other oilmen, Phillips...
...planned, one of the nation's longest-running merger dramas will come to an end. Since last summer, the huge farm-and industrial-equipment maker has spurned the courtship of Dallas' LingTemco-Vought, been dropped by General Dynamics and forcefully wrenched from a third merger prospect, Signal Oil. That, reportedly, was the work of Kleiner, Bell & Co., a Beverly Hills brokerage firm, which holds some 15% of Allis-Chalmers stock. Kleiner, Bell President Burt Kleiner, who had apparently bought in when Allis-Chalmers was selling at around $40 a share, protested that Signal's $46-per-share...