Word: bbl
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More immediate is the promise of oil. Though its proven reserves primarily in western Sinai and offshore in the Gulf of Suez total only 3 billion bbl. (v. 110 billion bbl. for Saudi Arabia), Egypt already produces enough oil to fill its own needs and provide a sizable surplus. This year, the country is again an oil exporter, to the happy tune of $311 million. Sadat predicts that the figure will jump to $1.5 billion by 1980. In addition, Egypt has largely untapped deposits of phosphates and iron...
...session at the beach resort of Caraballeda outside Caracas, Yamani gave his fellow oil ministers a tough display of Saudi Arabian power in oil politics. Arguing that the international economy is too weak and world oil supplies too high to support an increase over the current $12.70 per bbl. price, Yamani pushed OPEC in effect to accept a freeze for at least the first half...
...m.p.g. will be taxed $300. If the mileage is below 13, the bite will be $550. Tax levels will steadily rise, and by 1985 cars doing less than 12.5 will be taxed a whopping $3,850. In that year, the levy is ex pected to save 175,000 bbl...
...conference on geopressure at the University of Southwest Louisiana in November, a research team that had converted an abandoned gas well into a geopressured test hole reported recovering 10,300 bbl. a day of superheated gas-saturated brine, which yielded up 1.5 million cu. ft. of gas. The Department of Energy's David Lombard estimates that a geopressured well would have to yield 40,000 bbl. of water a day for five to ten years to turn a profit. Whether the reservoirs can produce at that volume is one of the questions to be answered by drilling a series...
Wellhead tax The central feature of the Administration program, the tax would be phased in over three years and raise domestic crude-oil prices, now at an average $8.52 per bbl., to the current OPEC price of about $13.50 per bbl. The aim: to discourage domestic oil consumption. To encourage increased domestic production and reduce imports, the plan would allow the price of newly discovered oil to rise to the 1977 OPEC level, and the oil companies to retain the increased revenue. To lessen the draining effect of the wellhead tax on consumer spending power Carter proposed that much...