Word: bbl
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...spot market is closely watched by oilmen for signs of future price trends in the industry as a whole. Last week oil was being sold for as much as $34 per bbl., up sharply from the $27.50-per-bbl. price in March...
With $400 million already spent in building a plant, Colony was going to be the most serious attempt ever made in the decades-old dream of wresting energy from northwestern Colorado's rugged Piceance Basin, which contains possibly 1.2 trillion bbl. of oil. The fuel is trapped in a form of limestone that geologists call marl, which is commonly known as shale. Colony's 8,800 acres alone are estimated to contain at least 500 million bbl. of oil, a month-long supply for the entire U.S. at the current levels of consumption. The project's facilities...
...years ago, when the oil giant was deciding to get into the Colony development, oil was shooting toward $40 per bbl. and experts were predicting $50 oil by the mid-'80s. What has happened, of course, is that the price of crude has declined an average of $3 per bbl. during the past year. The shale-oil development that made sense economically with $50-per-bbl. oil was not a good business proposition in a world of $33 petroleum...
...Says he: "We've always felt ours was the only project really going on. The others were simply going through the motions." The company plans to have up to 700 more workers at the shale works by June. In 15 months, its plant should begin producing 10,000 bbl. daily, and the bullish Hartley sees no reason why that could not be expanded at some point to 100,000 bbl...
...Department of Defense is already committed to buying much of the product refined from the Union Oil output. Thirty percent of Union's shale-oil production will be refined into jet fuel, and 70% will be made into diesel. The Government has agreed to pay $42.50 per bbl. of the product, plus automatic increases that will be tied to inflation, no matter what happens to world crude oil prices. This would channel up to $400 million to Union in price guarantees during the first seven years of the contract, not far from the $550 million it will have spent...