Word: bbl
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...Arab states are planning to place the issue on the agenda of the conference of nonaligned nations that meets in Havana in early September. What remains a question is the attitude of Saudi Arabia. When the Saudis increased their daily oil production in early July by 1 million bbl., there were hints that they would do so for three to six months. How long this higher output will be sustained could depend on how the Saudis rate U.S. Middle East policy, especially the stand on the Palestinians...
South Africa is ahead of the U.S. in its development of synthetic fuel. For a country boycotted by most of OPEC and without its own oil reserves, necessity has fired innovation. Sasol now provides less than 10% of the 240,000 bbl. a day of oil that South Africa requires, but the country is spending $6 billion to build two more Sasol plants, which are expected to meet about half of its needs by the early 1980s...
...cylindrical vessel until a gas forms above the ashes. Once the gas is cleaned of impurities-yielding valuable chemical byproducts in the process-it is mixed with a catalyst made of iron and other substances. This catalyst transforms the gas into liquid oil. Production costs amount to $17 per bbl. That is well below the OPEC price of around $20 per bbl. and much less than the $31 per bbl. that South Africa would have to pay on the spot market...
...being put up 100 miles from the present plant. The $2.9 billion Sasol II will be environmentally cleaner; precipitators above the boilers will extract chemical fumes and reduce air pollution, and water will be recycled rather than dumped in rivers. In addition, productivity will be higher: 1.78 bbl. of synthetic oil from each ton of coal, vs. 1.26 bbl. at present. As soon as that plant is finished next February, construction will start near by on Sasol III. Once the three plants are in operation, they will save an estimated $400 million a year in foreign exchange and produce about...
...nationalization last week of British Petroleum's exploration, marketing and production operations. The Lagos government declared that it was punishing BP for supplying oil to South Africa in violation of a Nigerian boycott, a charge that the company denies. The takeover deprives BP of an estimated 300,000 bbl. per day, but the Nigerian government is offering to sell the crude to any taker on the spot market, presumably including...