Word: consortium
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Phillips and Continental each own 37.5 per cent in a consortium made October 1972 to explore a sedimentary basin off Namibia's shore. The lease concession covers nine years and entitles the South African government to a certain percentage of oil production and royalty fees. South African exploration represented less than 1 per cent of the total exploration budget for Phillips...
...Exxon, Texaco, Standard Oil of California and Mobil have been pumping Saudi Arabian oil. By 1983, the Saudis' share of Aramco will have increased to 51%. Similar deals have been made by other Middle East producers. Last week, the government of Iran took over the operations of a consortium of American, British, French and Dutch producing companies...
Among likely bidders are Unilever, the Anglo-Dutch industrial complex, and a consortium of British companies led by British Leyland Motors, producer of Jaguars, MGs, Austins and bodies for Rolls-Royces (General Motors, Ford and Chrysler insist that they have no interest). If there are no bids above an undisclosed "reserve" price, estimated by London financiers at $120 million to $150 million, then the sale is off. Otherwise, the company's physical assets will go to the highest bidder, British or foreign-but only if the buyer is a British company will it be allowed to keep the Rolls...
...better than break even; operating profit was $10.7 million, but currency-exchange losses reduced net to $764,000. Prospects are looking better now. Oil demand is booming in Europe, the company's prime market. Occidental has made new oil discoveries in Nigeria and Peru, and last week a consortium that it heads brought in its first well in the North Sea-a promising development, although the potential cannot now be accurately assessed. On the other hand, the Libyan government is moving to acquire 50% of all Western oil interests in the country, an action that would hurt Occidental badly...
...help of U.S. technology and capital, of natural gas fields around Yakutsk in Siberia; and 3) construction by Americans of a hotel and trade center in Moscow. All three projects face high hurdles. The hotel-trade center deal is rather vague, but Hammer hopes to put together a U.S. consortium that would arrange all design, construction and financing and turn over completed buildings to the Soviets. The fertilizer transaction, by his estimate, would require an investment of $100 million for an Occidental fertilizer plant in Florida. Counting the cost of tankers to carry the products, the total U.S. investment might...