Word: oilmen
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Continental's find is the third such discovery in as many months in the British sector of the North Sea. Since 1959, when Esso and Shell discovered the mammoth Groningen gas field on the Dutch coastal plain, fuel-needy Europeans-and an international array of ambitious oilmen-have suspected that the world's biggest bubble of natural gas may lie beneath the North Sea. Except for one inconclusive well drilled off The Netherlands last year, that dream was long based on geological speculation and nurtured largely by faith...
...since 1911 by the Donnell family, who were among the original backers. Geologist Donnell (Princeton '32, Phi Beta Kappa) set about to increase the company's scope by stretching into the refining and marketing ends of the business and doubling exploration outlays. As bigger and more experienced oilmen looked on smugly, Donnell fell on his face. For a frustrating decade, Ohio drilled one dry hole after another from Guatemala to Egypt...
...energy market. Across the Continent, the new gas finds are lighting an investment fever and bringing some chills to a vulnerable competitor, coal. As estimates grow of the size of The Netherlands' mammoth Groningen gas field (widely regarded as twice the official 1.1 trillion cubic meters), and as oilmen probe the bottom of the North Sea for what may be even larger deposits-one big one was hit last week off the West German island of Borkum-gas is becoming Europe's new glamor fuel...
Last week oilmen jammed into the Long Beach city council chambers to bid for the right to tap the pool. So desperate are West Coast oil companies for local crude that the bids, which were expected to offer 90% of net profits as royalty, averaged out to 96.25% on the six sections of the field. Over the next 35 years Long Beach and California will slice up $1.4 billion...
...exploration will come off the British coast. In the past seven months, Britain has not only claimed mineral rights beneath half the North Sea under a 1958 convention unratified by Holland or Germany, but has also swiftly licensed 22 consortiums to explore 34,000 sq. mi. of that domain. Oilmen plan to spend some $225 million on the exploration over the next six years...