Word: oils
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Dates: during 1970-1979
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...oil is spewing from an exploratory well, about 57 miles off the Yucat án Peninsula, that blew out June 3 when a hot undersea drill hit a volatile pocket of oil and gas. The explosion and ensuing fire all but destroyed the rig. By last week estimates of the total loss ranged from just over 1 million bbl. to as much as 1.5 million bbl. That is much more than the previous record loss caused by the fabled Ekofisk blowout in the Norwegian North Sea in 1977, when an estimated 140,000 bbl. escaped before the well was capped...
...recover a portion of this spill and contain and dissolve the rest, Pemex, the Mexican State oil company, has put together a small army of 500 workers, 22 boats and twelve aircraft. But chances of halting the flow soon are dim because the undersea gauges and wellhead are blocked by debris from the shattered rig. Pemex is drilling two intercepting relief wells to tap the oil below its escape point and thus stop the leakage. But such a procedure can take at least two months...
...bright side, the size of the latest blowout implies a major new find by Pemex. Director General Jorge Diaz Serrano estimates that the immediate area contains as much as 800 million bbl. of top-quality lightweight crude and "will considerably increase Mexico's oil reserves." Before this strike, the country's proven reserves of oil and gas stood at the equivalent of 40 billion bbl., well above those of both Venezuela and Nigeria but still far below Saudi Arabia's 160 billion bbl. Though Mexico is not a member of OPEC, it took a page from...
...hundreds of risk-sharing insurance syndicates prides itself on being the first to offer coverage on the new, the colossal, the bizarre. But as technology grows ever more complex, the risks keep rising, and each year the amounts that Lloyd's underwriters pay out on litigious losses, from oil tanker disasters to Mafia-set arson jobs, keep swelling. Yet this year is one that even Lloyd's risk-hardened underwriters are not likely to forget...
...Winton ("Red") Blount, the international construction contractor who was Postmaster General under Richard Nixon, adds more chief executives to the list of Big John's supporters. Some of them: General Foods' James Ferguson, Southern Pacific's Benjamin Biaggini, H&R Block's Henry Bloch, Union Oil's Fred Hartley, Citicorp's Walter Wriston, Quaker Oats' Robert Stuart Jr., FMC Corp.'s Robert Malott, Borg-Warner's James F. Berg, Broyhill Furniture's Paul Broyhill, Textron's Joseph Collinson. Add to them presidents (Boeing Commercial Airplane's E.H. Boullioun...