Word: bbl
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...Secretary of Energy James Schlesinger says, that there are no more than 120 billion bbl. of potentially recoverable crude in the U.S. at present prices-roughly an 18-year supply at current consumption rates. And though drilling activity has accelerated dramatically around the world since the quintupling of OPEC prices that began in 1973, new finds have been disappointing. But many promising sites have yet to be drilled-the outer continental shelf off the U.S. coast, for example, or much of the northern Norwegian coast. Oil geologists generally think there are no Saudi-size deposits waiting to be discovered...
...signs of optimism were real, and they marked the beginning of Britain's long-anticipated great oil bonanza. With crude from the North Sea fields coming ashore at the rate of 830,000 bbl. per day, the nation will produce about half of the oil that it consumes this year, saving some $3.6 billion in its balance of payments. Oilmen expect that the country will be come self-sufficient in petroleum by 1980. Said Prime Minister James Callaghan after a visit to the huge "Forties" field: "God has given us an opportunity we have not had in a century...
...Middle East and South America -at a time when the shaky world economic recovery cannot absorb all of it. One result: price shaving by most of the big producers. Kuwait, Iran and Saudi Arabia are all offering slight discounts of 100 to 300 off the price (about $13 per bbl.) of their heavy-grade oil, the kind that is refined to heat homes and factories...
With the U.S. now importing nearly half the 17.9 million bbl. of oil it consumes each day, the country needs every drop of crude it can squeeze out of the continental shelf. The Baltimore Canyon is hardly the Alaskan North Slope,* though with anywhere from 10 to 50 multistoried drilling rigs directly employing perhaps as many as 3,600 engineers, roughnecks and other workers, it may begin to look a bit like it. Even if the most optimistic guesstimates of the area's reserves (1.4 billion bbl. of oil and 9.4 trillion cu. ft. of gas) are correct, exploiting...
...Proven reserves: around 10 billion bbl...