Word: slopes
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Dates: during 1970-1979
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...exploration activities. The oil industry contends it already spends 30% to 35% of its after-tax profits on exploration. But because all the easy-to-reach oilfields have been discovered, the drillers must now sink deeper and more expensive wells in more inhospitable regions, like Alaska's North Slope or the U.S. outer continental shelf. Since 1973 oil companies have increased the number of wells drilled by a dramatic 63.4% in the U.S. alone, but even at that, new finds have been disappointing, and proven reserves continue to decline...
...morning last week to make final changes in the agreement. Only five hours later, as Canadian Prime Minister Pierre Trudeau stood by smiling, President Carter announced that Canada and the U.S. had decided to build a trans-Canadian pipeline that will carry natural gas from Alaska's North Slope to the Lower 48-and later may also funnel gas south from Canada's partly developed deposits in the Mackenzie Bay delta...
With the U.S. now importing nearly half the 17.9 million bbl. of oil it consumes each day, the country needs every drop of crude it can squeeze out of the continental shelf. The Baltimore Canyon is hardly the Alaskan North Slope,* though with anywhere from 10 to 50 multistoried drilling rigs directly employing perhaps as many as 3,600 engineers, roughnecks and other workers, it may begin to look a bit like it. Even if the most optimistic guesstimates of the area's reserves (1.4 billion bbl. of oil and 9.4 trillion cu. ft. of gas) are correct, exploiting...
...same price as for imported oil, now $13.50 per bbl. If the pipeline tariff goes down, the companies that own the line can make up most of the difference by paying their producing subsidiaries a higher price at the wellhead to pump the oil out of the North Slope. And their arrangement with the state declares that the higher the price at the wellhead, the higher the revenue payments to Alaska...
Another great pipeline project is on the horizon. Three groups are vying to build a line to carry out the North Slope's vast natural gas reserves. One line would parallel the oil pipe; the other two would swing across Canada into the U.S. The Canadian government is expected to decide in August whether to approve one, or neither, of these routes, and the Carter Administration has until Dec. 1 to choose one of the three. Each carries a price tag of $8 billion to $ 11 billion, but nobody doubts that by the time the job is finished-probably...