Word: oilmen
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...tapped just about all the easily recoverable oil and gas it is likely to find within its own land area. Now the most promising areas for new finds of these fuels lie offshore, under water depths ranging from a few yards to 1,000 ft. or more. Oilmen have been drilling into the outer continental shelf since the mid-'50s, and the 20,000 wells they have sunk, mostly in the Gulf of Mexico, account for 14% of the nation's current domestic oil production and 23% of its gas. The next place they hope to develop...
Estimates of how much oil could be tapped off Alaska's entire outer continental shelf (OCS), including the Beaufort Sea, range up to 25 billion bbl., or nearly three times the reserves in Alaska's Prudhoe Bay field. Some oilmen believe that with a big development effort, Alaska's OCS could eventually produce 4 million bbl. a day, or enough to replace half of the nation's present oil imports. The Canadians, who have been drilling in their sector of the Beaufort Sea for two years, are very bullish on it: this fall Dome Petroleum...
Last week briefcase-toting oilmen gathered at a Fairbanks hotel to bid for drilling rights in the first small part of the U.S.'s Beaufort Sea sector to be opened to exploration. Offers by the companies totaled $2 billion for some 500,000 acres of tracts, but when the leases will be awarded is uncertain. Just four days before, a federal judge had ruled that the lease sale could not be completed until the courts resolved an environmental suit brought by the National Wildlife Federation and other groups calling for a ban on Beaufort Sea drilling...
...sands to an expected 500,000 bbl. daily by 1985. Meanwhile, Exxon's Imperial Oil plans to spend more than $5 billion to produce oil from heavy crude. These projects may be stretched out if some recent finds of conventional petroleum elsewhere prove more financially attractive. Some oilmen believe that two offshore strikes, in the Arctic's Beaufort Sea and along the Newfoundland coast, could prove to be of Middle East proportions...
...third quarter, and managers have attempted to divert public criticism by pumping up exploration budgets. A number of independents are still holding back until the windfall profits tax reaches final form. The Senate has proposed that newly discovered oil and certain categories of low-volume wells be exempt. Some oilmen hope that the first 1,000 bbl. per day from an independent producer's well will be free from the tax. Says Jack Allen, president of the Independent Petroleum Association of America: "That would really set off a wave of drilling. It would be the greatest drilling boom ever...