Word: bbl
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...prayers-belatedly, but in overwhelming measure. Two vast oilfields have been tapped by British drilling teams, one at Murban in the sandy interior, the other in the shallow coastal waters of the gulf. Conservative oilmen estimate Abu Dhabi's proven oil reserves at about 3.8 billion bbl., which at present royalty rates would return some $1.4 billion over the years. Ridiculous, say other experts: on the basis of latest discoveries, reserves may be as great as 38 billion bbl...
What makes all economic growth possible is the 3,500,000 bbl. of oil pumped each day from the country's vast reserves. Sold mostly to the U.S., the oil produces more than 90% of Venezuela's annual $2.5 billion export income and-through a 67% tax on oil company profits-accounts for about 60% of the government's annual budget. But Venezuelans worry about their declining market in the U.S. And one of Betancourt's major missions in seven hours of talk with Kennedy was to seek a better deal for Venezuelan...
Delicate Art. Last week in London, Levy sat in on talks between Brunei Shell Petroleum Co. Ltd. and the Brunei government designed to give Brunei a larger slice of revenue from private oil production (1962 daily output: 85,000 bbl.). Levy merely observed; by the time the delicate negotiations began, he had already given his client. His Highness Sultan Sir Omar Ali Saifuddin. "disinterested advice" about what he considered a fair price for both parties...
...Turn. El Loophole stems from a 1959 presidential proclamation that put rigid quotas on oil imported into the U.S. by ship, but none on imported oil coming in by land. The exemption made for over land imports was intended to placate Canada, which currently exports about 89 million bbl. of oil a year to the U.S. But when he read through the fine print of the 1959 proclamation, Hofmokel, who emigrated to the U.S. from Germany in 1923 and has been director of the Port of Brownsville since 1936, decided that it could equally well be applied to Mexico...
...English. "It's no loophole. It's the law." The Interior Department, partly as a result of prodding from the State Department, agrees. Sagely, however, Hofmokel has concluded a gentleman's agreement with the Government: so long as Brownsville limits its oil imports to 30,000 bbl. a day, the U.S. will make no move to rewrite the overland import rules...