Word: texaco
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...hundred miles west, hotshot Sunday evening gamblers were eagerly rolling dice at Atlantic City's new casinos. Although none of them knew it, at that same moment Texaco oilmen at sea on a drilling rig, which was moored in 432 ft. of water near the edge of the U.S. continental shelf, were playing for much higher stakes. Aboard the Ocean Victory, they nervously awaited the results of a test detonation 14,000 ft. below the ocean floor that could tell the outcome of their $30 million search for oil and natural...
These first-ever East Coast finds cannot yet be classified as true strikes by Texaco and its five partners. More wells will have to be drilled to see if there is enough oil or gas to justify installing a permanent production platform...
...Texaco's news is encouraging to the 39 companies that have spent more than $1 billion on lease purchases in the area. Since drilling began last March, Shell and Continental have reported dry holes. Now at last, all the deep water gamblers can afford to be more optimistic that their wagers will eventually...
...incurable gamblers that they are, oilmen seldom quit. Shell is moving its rig southward and, along with a group of 18 partners, will sink a second well, to a planned 16,000 ft. Mobil, Exxon and Texaco are pressing ahead with test borings of their own. They recognize that a few disappointments should not cause them to give up the search at sea. So far, only two test wells-the Conoco and Shell dry holes-have been drilled to completion in the Baltimore Canyon. By comparison, at least eleven were sunk into Alaska's North Slope before a good...
Last week Texaco issued a cautious statement suggesting that it might be close to a find at 15,000 ft. in a Baltimore Canyon test site that it shares with several partners, including Getty Oil, Sun Oil and Allied Chemical. The company stressed that no firm conclusions could be drawn from its samples, but the mere hint of a strike sent Texaco's stock up 2½ points...