Word: oilmen
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...discovery was the result of a dogged effort to see if new drilling techniques could coax more oil out of the Appalachian basin where U.S. oilmen brought in their first wells almost a century ago. The companies gambled on three wells-and got three dry holes. With the fourth, on a 9,000-acre lease (annual rental: 25? an acre) in the northeast corner of the state, he finally hit the jackpot. Benedum figures the well should produce at least 1,000 bbl. daily on a long-term basis. Within hours of the strike nine companies were in the area...
...flood of foreign oil-and to soothe the politically potent ire of Texas' independent oilmen-the Interior Department two months ago set up a voluntary import curb on big oil companies. Last week the program's administrator. Navy Captain Matthew V. Carson Jr.. logged a mutinous crew and foul weather ahead. The companies were asked to cut imports 10% below their 1954-to-1956 levels, bring in only 755,700 bbl. of foreign crude a day. But Captain Carson's first statistics showed a daily August total of 982,300 bbl. The companies themselves estimate daily...
...RICH IRAN plans to build a 620-mile pipeline to carry between 140,000 and 190,000 bbl. a day from its rich Qum field (TIME, May 6) to Turkey's Mediterranean port of Iskenderun. Idea appeals to Western oilmen because new line would avoid Redlining Syria. But Iran must raise $500 million for the job, and may hold back if Western nations work out plan to build their own line around Syria...
...Army engineer. Retiring after World War II. in which he bossed 170.000 military and civilian construction people in Alaska, De Long got wind of a new kind of jack, more powerful than any before, snapped up the patent rights and brainstormed the idea of a mobile drilling platform for oilmen. Until then, the only offshore drilling was from permanent rigs that cost $1,500.000 to build, another $750,000 to dismantle. Gambling his own funds, and credit, De Long built a $250,000 prototype that was simple, seaworthy, and ready to operate soon after the tow-lines were cast...
...Greenland. Even before the oilmen could place orders, the U.S. Defense Department asked De Long to use the same principle for a 1,000-ft. dock to help speed its Thule. Greenland airbase. Standard construction methods would have taken two years. By prefabricating, De Long cut the total time to six months. Since then, the Defense Department has ordered 17 more docks worth $16 million, rushed two to replace a wood pier that burned at Whittier, Alaska, threatening military supply lines, two more to New port News, Va., when it turned out that no docks were big enough...