Word: bbl
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...deficit of $2.4 billion. Prime Minister Amir Abass Hoveida characterizes that sum as a nachees (Persian peanut), but it will nonetheless be Iran's first deficit in a decade. Last week the government officially announced that it was trimming its price for heavy crude by 9½? per bbl., to $11.40, a gesture aimed at increasing Iran's slipping share of the market...
Bizarre Suicide. The government is trying to press Westerners to buy more Iranian oil. Last year, claiming that its profits were being squeezed, the eight-country consortium that buys most of Iran's crude reduced its purchases by 750,000 bbl. a day and turned to cheaper Iraqi, Saudi, and Kuwaiti oil. Premier Hoveida charged the companies with a breach of the 20-year contract with Iran that they signed in 1973. The Shah suggested to the British government (which owns 70% of British Petroleum, the company that leads the consortium) that Iran might not be able...
...built is a $237 million facility in New Athens, Ill. Jointly owned by Union Carbide and Chemical Construction Corp. and partially financed by ERDA, it has been designed to turn 2,700 tons of high-sulfur Illinois coal into 22 million cu. ft. of "syngas" and 3,000 bbl. of "synoil" each...
Venezuela faces problems in running the industry. The most immediate is selling the oil. Foreign companies have agreed to buy 1.5 million bbl. per day for at least the first three months of 1976, but that is about 500,000 bbl...
...story opened in 1957, when Gulf began exploring for oil off the coast of Cabinda, a province of Angola, then under Portuguese colonial rule. The Cabinda subsidiary of Gulf began pumping in 1968, eventually taking 150,000 bbl. a day out of 120 wells, and Gulf paid taxes and royalties-most recently $10 per bbl.-to the territorial government of Angola. By 1973, the wells had repaid Gulfs $250 million investment, and since then they have been returning a profit to the Pittsburgh-based company...