Word: tankers
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Last week Israel formally handed over control of the oilfield to Indonesian officers of the United Nations Emergency Force. Two days after the Israeli pullout, Egypt formally took possession again. Within hours a tanker had been loaded and was under way with a cargo of the first oil from the lost fields of the Sinai to head for Suez in eight years. TIME'S Cairo Bureau Chief Wilton Wynn was at Ras Sudr when the oil to Egypt started flowing. His report...
...began flowing to Britain in June, arriving by tanker from the Argyll field. Energy Secretary Anthony Wedgwood Benn, raising a flask of crude on high, called the event cause for "a day of national celebration." Next month oil should begin moving from Britain's promising Forties field through a 120-mile pipeline to Cruden Bay on Scotland's east coast. Some time during the next few weeks, crude will begin arriving at Teesside, England, through a 220-mile pipeline from the Ekofisk field in Norway's sector of the North Sea. The oil belongs to Norway...
...Mexico, which has been dotted by U.S. drilling and production platforms for a generation. The North Sea soon turned into a stern teacher. Laying pipelines, for example, called for bigger, more sophisticated and more expensive barges than any ever used in the Gulf. Because choppy seas often prevent tanker loading, some method for temporarily storing great quantities of oil at sea was called for. The result: CONDEEP- a giant concrete-reinforced production platform with huge storage tanks. A Norwegian innovation, two CONDEEPs have been put in place in the British sector; each cost $300 million and has a storage capacity...
Reksten also signed a contract in 1973 for construction of four new 420,000-ton supertankers to add to his fleet of a dozen. But the world recession and quintupled prices for oil depressed demand for petroleum and thus for tankers. As a result, Reksten canceled the contract, and now must pay Norway's Aker shipyards damages of $67 million. The Norwegian government this month came to his rescue: it agreed to buy shares in several Reksten companies for $35 million. The government will become sole owner of an oil-rig contracting firm, but Reksten will keep control...
...ships are still worth about $250 million. But that figure can comfort only his bankers, primarily Britain's Hambros group, who can claim some of his ships as security for loans. Most experts think that high oil prices will hold down petroleum demand and keep tanker rates unprofitable even after the world recession ends. Meanwhile, Norway's magnificent fjords, the Persian Gulf and many of the world's ports are clogged with idle tankers, including eleven of Reksten's twelve...