Word: bbl
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Oilmen would finally lose their long-cherished depletion allowance. It would be phased out over five years, except on the very smallest wells (those producing 10 bbl. a day or less). But oil operators saved a far more important tax benefit. The Treasury had originally wanted to make them stretch out over a period of years write-offs for "intangible drilling costs," including everything from engineering studies to geologists' expenses. The final plan, however, allows the oil operators to continue taking all the write-offs immediately. While industry lobbyists still protested the impending death of the depletion allowance, some individual...
...concluded his 25-day, 14-country tour of Eastern and Western Europe with the announcement that Moscow had agreed to supply up to 90% of Nicaragua's oil needs. Since estimates are that the Soviet Union already provides some 75% to 90% of Nicaragua's consumption of 14,000 bbl. a day (Iran, Algeria and Libya supply the rest), a new promise of Soviet support was hardly a major revelation. But Ortega was full of bravado as he climbed out of an East German airplane onto the tarmac in Managua. "Our country is sovereign, not one more state...
...bombmaking effort, and even before he was rebuffed several years later by President Mohammed Zia ul- Haq, he had started to make overtures to Pakistan's archenemy, India. When New Delhi restricted the extent of nuclear cooperation with Gaddafi to * strictly peaceful uses, Libya stopped shipments of 7.3 million bbl. of oil a year to India...
Using figures released last week, the Interior Department estimates offshore oil reserves at only 12.2 billion bbl. of crude, or 55% less than earlier predictions, and 90.5 trillion cu. ft. of gas, down 44%. If the study proves accurate, by the 1990s the U.S. may have to increase oil imports to as much as the 1977 peak of about 9 million bbl. a day, vs. 3 million bbl. today...
...petroleum products rose only 4% last year after a five-year decline. In addition, Western refineries face increasing competition from oil- producing countries, which now refine their own crude at home. Between 1984 and 1988, Saudi Arabia, Mexico, Kuwait, Libya and other oil countries will add about 3 million bbl. a day to their refining capacity...