Word: bbl
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...ALASKAN OIL WELL, most important since Richfield Oil Corp.'s first discovery well on Kenai Peninsula near Anchorage (TIME, Aug. 5, 1957), was brought in by Standard Oil (Calif.) and Richfield, shows capacity of 500 bbl...
There are 500 producing wells-150 of them Turner's-producing 19,000 bbl. of oil a day. Green County oil leases, sold last spring for $1 a farm plus one-eighth of the oil, now are bringing $2,500 to $3,000 an acre, plus a quarter of the oil for the farmer...
...Turner Co., which, besides nearly a third of the producing wells, owns or has an interest in 20,000 acres of choice leaseholds. Neighbors estimate that the partnership is taking in $1,200,000 a year. The first well the Texans abandoned has already produced 7,000 bbL. worth $18,200. Says Turner with a smile, "We're just getting started...
...crisis' root was Argentina's oil problem. With coal supplies meager and hydroelectric sources remote, the nation runs on oil; it burns 250,000 bbl. a day to power factories, move trains, heat homes, cook food. An estimated 2.3 billion-bbl. oil reserve lies underground, but the government oil monopoly, Y.P.F., has only enough resources to produce 35% of the country's requirements. Dollar-short Argentina spent more than $300 million last year to import the rest. Frondizi saw only one solution. Risking the wrath of nationalistic Peronistas (and nationalists in his own Radical Party), he negotiated...
...specific issue is a simmering deal to build a $15 million plant to refine Venezuelan crude oil in Jamaica. Barbados-born, U.S.-naturalized Oilman Frank Desmond St. Hilaire proposes to finance a 16,500-bbl.-a-day refinery at Kingston, bankrolled by the U.S.'s Colorado Oil & Gas Corp. But Jamaica's legislature must pass a bill giving him a 15-year monopoly on oil refining in Jamaica-plus enticing tax concessions...