Word: bbl
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...Libyan friends who, he said, "felt personally responsible" for his having lost his main source of income and wanted "to help me get back on my financial feet." The result was the oil negotiations on behalf of Charter. This could have involved up to 100,000 bbl. a day, for which Billy and his associates could have received as much as 55? per bbl. in commissions. To tide himself over until he would start receiving those fat fees, Billy asked Libya for a $500,000 loan...
...erupting major scandal. On one side were the Royal Dutch/Shell Group, Mobil and Gulf Oil. Arrayed against them was the ten-month-old civilian government of President Alhaji Shehu Shagari, which seemed to be charging that the oil companies had somehow or other tricked it out of 183 million bbl. of high-quality Nigerian crude. The government appeared to demand that the oil be either returned or paid for. The situation took on added importance because Nigeria is the U.S.'s largest supplier of crude oil (923,000 bbl. a day) after Saudi Arabia...
Instead the tribunal concluded that during the years 1975-78, when Nigerian crude was not selling well because of a short-lived world oil glut, the three oil companies, which pump approximately 80% of Nigeria's normal production of some 2 million bbl. daily, had cut back production, at the government's request, to an average of about 1.7 million bbl. a day. Traditionally, the companies had been splitting their production on a 45%-55% basis with the government, for daily liftings of about 1 million bbl. of crude. In order to stay at that level, the companies...
Despite the political chaos and repression, Guatemala's economy is growing by almost 5% a year, largely because of the country's increased nickel production and its new status as an oil exporter (258,000 bbl. sent to the U.S. since March). But most of the country's wealth remains concentrated in a few hands, despite a growing middle class. State Department experts believe that the country's potential prosperity could avert a total revolutionary upheaval, but only if political and social reforms are adopted. Says one frustrated U.S. official: "What they don't understand...
Some relief is coming from a petroleum pool that has just been created by Mexico and Venezuela, Latin America's major oil producers. The agreement, pro viding 160,000 bbl. to the region's petroleum importers with 30% credit, was signed last week in the Costa Rican capital of San José by Mexico's President José López Portillo and Venezuela's President Luis Herrera Campins. The magnanimity was in keeping with the two countries' intensifying roles as concerned economic godfathers to Central America...