Word: bbl
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...probably few new super gushers still waiting to be discovered. Yet even if the biggest fields have probably already been found, only two-thirds of the world's 600 major oil basins have been drilled so far. That means that anywhere from 500 billion to 1,250 billion bbl. of oil may still be discovered. Since the most accessible areas of the world were searched first, any new oil bonanzas are unfortunately likely to lie in harsh, remote areas that will be difficult to exploit...
...wells have been sunk in the U.S. since 1859, four times as many as in the rest of the non-Communist world. Thus no experts expect any new Spindletops from conventional fields in Texas, Oklahoma and California. Still, the Geological Survey estimates that between 12.5 billion and 38 billion bbl. of oil are waiting to be found offshore. One of the most promising areas on land is the so-called Western Overthrust Belt in the rugged, mountainous area from southern Colorado to the Canadian border. Experts believe the area could contain many fields of 100 million bbl. or more-adding...
...discovery in the swamps of Sudan and new finds offshore of Nigeria and some other west coast countries have renewed interest in the African continent. Amoco recently sank a wildcat well in the Seychelles merely on the ground that Madagascar, about 700 miles away, has an estimated 10 billion bbl. of tar on its surface. Where tar is found, oil is usually not far away. On the other side of the Indian Ocean, India has reportedly found indications of an oil bonanza off its southeast coast. Michael Morrow, publisher of Hong Kong's Petroleum News, told TIME that...
...Exploration Outlook: We estimate that two-thirds of the remaining oil and gas to be discovered in the U.S. exists under the approximately 760 million acres onshore and the 500 million offshore acres that the Federal Government owns-something like 60 billion to 80 billion bbl. of oil and 300 trillion cu. ft. of gas. While other countries are leasing and exploring about 40% of all the coastal land outside the U.S., less than 5% of our own offshore land has been explored. We think the undiscovered oil off the shore of Alaska alone is equal to the entire known...
...unable to go first to the areas we think have the greatest potential. Industry is pushed into intense competition for small deposits that will not really make the largest contributions toward solving our energy problems. Under the Administration's schedule, we will be producing 1 million bbl. per day from Alaska by 1995. But under our schedule, production would be 4 million bbl. by the same deadline. That would be more than half our current daily imports...