Word: oilmen
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...Oilmen are quietly confident that the global energy hunt will eventually pay off, though they readily admit that there are probably few new super gushers still waiting to be discovered. Yet even if the biggest fields have probably already been found, only two-thirds of the world's 600 major oil basins have been drilled so far. That means that anywhere from 500 billion to 1,250 billion bbl. of oil may still be discovered. Since the most accessible areas of the world were searched first, any new oil bonanzas are unfortunately likely to lie in harsh, remote areas...
...MIDDLE EAST AND EUROPE. Few oilmen dispute that a very large part of the world's undiscovered oil lies in the Middle East. But with national coffers overflowing with oil revenues, OPEC countries are not making serious efforts to uncover more of it. U.S. and European oil companies are exploring Egypt's western desert, on the assumption that the oil does not stop at the Libyan border, as well as in the Sinai and the Gulf of Suez. Drilling is also continuing in Europe's North Sea, around Norway and Britain. West of the Shetland Islands...
...management. Oil experts say that the Soviets have not done a good job of handling their resources. Reports Arthur Meyerhoff, a Tulsa, Okla., oil engineer who has traveled widely in the U.S.S.R.: "To say that the Soviets have mismanaged their petroleum industry is the understatement of the year." Western oilmen say that the Soviets made their first serious mistake when they set drilling targets in terms of meters drilled, thus making a deep dry hole as good as a gusher in terms of fulfilling the plan...
...entire $88 billion will be used, in effect, as a "sweetener" in the form of loan, purchase, and price guarantees to lure private industry into the synfuel business. Though more than two dozen small-scale synfuel projects are already either being constructed or operated around the country, many oilmen remain unenthusiastic about starting up plants of their own. The technology for synfuels is expensive and cumbersome, and even though petroleum prices seem to climb higher almost daily, synfuel continues to be one of the costliest and least competitive of all energy sources...
That at least is the opinion of oilmen and Government officials. Last week they were considering whether a renewed Iranian cutoff would create havoc in world markets and compel "oil sharing" among the U.S. and 19 other members of the International Energy Agency...