Word: bbl
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...Iraq's oil revenues, which reached $21.2 billion in 1979. But Iran's naval dominance in the Persian Gulf and the decision by Syria, which supports Iran, to close one of Iraq's pipelines to the Mediterranean, have cut exports to only 650,000 bbl. per day, down from 3.5 million bbl...
...major oilfield by announcing crude flows from an 8,500-ft. well. Experts now say that the Santa Maria basin could be the biggest single find in the U.S. since 1968, when reserves were discovered on the North Slope of Alaska that have now been estimated at 9.5 billion bbl...
...recently as October, the oil companies gauged the field's potential reserves at a conservative 100 million bbl. Since then, the projections have been rising quickly. Just last week a Chevron vice president declared that the new field could contain up to 300 million bbl. Other industry estimates put it as high as 500 million bbl., and one Government expert says the ultimate potential could be 1 billion bbl. Such heady forecasts have drillers scrambling. Texaco is already operating the Glomar Atlantic, a drillship, in the area, and Phillips has dispatched a rig from Africa's Ivory Coast...
Despite its size, the new find is nearly invisible on a world scale. Should it produce as much as 250,000 bbl. per day (Prudhoe Bay pumps out 1.5 million bbl. daily), the Santa Maria basin would still account for a mere 3% of total U.S. demand. Yet it is part of an encouraging trend that has seen the discovery of new oil in the non-Communist world begin to outstrip consumption. Since 1979, the Western nations have added 112.2 billion bbl. to proven reserves, while they have burned up just 49.4 billion bbl...
...completion of the project is clearly a long-term boon for energy-hungry Brazil, which will channel much of the dam's power to the industrial state of Sao Paulo, 660 miles away. Saddled with more than $80 billion in foreign debt, Brazil currently imports 750,000 bbl. a day of crude oil, at a cost of more than $27 million a day. Eventually, the mammoth dam could be the equivalent of a 600,000-bbl.-a-year oil well...