Word: bbl
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...estimated 20%. The regime's vacillation has held up housing projects; much of the urban population still lives in tin shacks. The regime is even tampering with the industry that provides 99% of the nation's earnings. It has ordered a cutback of 700,000 bbl. of oil a day, one-fifth of production, on the grounds that Libya's reserves are endangered. At the same time it has prodded the more than 40 foreign oil companies for fees that could raise the cost by more than 20%. If the companies fail to comply, they face...
...fire and explosion at Chevron Oil Co.'s Platform Charlie, 30 miles off the Louisiana coast (TIME, April 13), caused the worst offshore oil-well spill in history. For three weeks, a dozen underwater wells spewed up to 1,000 bbl. a day of crude oil into the Gulf of Mexico, creating a 50-sq.-mi. slick. The Government accused Chevron, a subsidiary of Standard Oil of California, of failing to install legally mandatory storm chokes and other safety gear that would have shut off the wells when the platform exploded. Last week, in U.S. district court...
...natural wonders. The pipeline would occupy less than 15 sq. mi. of Alaska. Still, it would cross 4,800-ft. mountains, 23 rivers, 124 streams and three active earthquake zones. A single rupture could dump as much as 20,000 bbl. of oil, killing all wildlife for miles around. Moreover, tanker spills off Valdez could irreparably harm Alaska's fishing industry. In Arctic waters, where the cold prevents oil molecules from breaking down, the damage could be drastic...
...companies to lease about 453,-600 acres of federal waters for offshore oil and gas drilling in California's Santa Barbara Channel. The oilmen paid $624 million for 70 leases. But just as the Nixon Administration took office in 1969, a massive underwater blowout began slopping 1,000 bbl. of oil a day over miles of Santa Barbara's white beaches, killing marine creatures and raising a huge public outcry...
...main obstacle that Phillips and others face is the sea itself. Production of more than 200,000 bbl. per day will probably require a pipeline. The most likely place to run the line would be to Phillips' refinery at Billingham on the English coast, 220 miles away. Phillips now estimates that developing the Ekofisk field will cost around $500 million, including a pipeline. Further drilling may inflate that price, but Phillips and the eight other oil companies eagerly exploring under the North Sea figure the potential is worth the gamble...