November 29, 1987
The article "Oil War II," by Paul Ciotti (Oct. 18), states: "California's outer continental shelf holds an estimated 2 million to 5 million barrels." A conservative estimate is 1,000 times that much--2 billion to 5 billion barrels. The entire industry could not afford to spend the billions we do to recover a few million barrels. What is at risk here is an enormous amount of energy--something like a year's supply of oil for the entire United States. Owen F. Murphy, Regional Vice President, Chevron USA Inc. Los Angeles The wrong figure was introduced as the result of an editing error.
August 1, 1986 |
The Organization of Petroleum Exporting Countries failed Thursday to reach unanimous agreement on voluntary production cuts to halt the oil price slide and, instead, began another attempt to break its long deadlock and set revised production quotas for its 13 member states. This fourth OPEC ministerial meeting of the year is now likely to drift on into next week, with virtually no chance of any concerted action to bring down crude oil production.
September 15, 1987 |
OPEC's surplus production is likely to drop by as much as 1.5 million barrels a day in September, mainly because the cartel refuses to offer its crude at a discount, Petroleum Intelligence Weekly reported Monday. Production by the Organization of Petroleum Exporting Countries surged to a 12-month high of 19.8 million barrels a day in August, even though the 13-nation group agreed to limit output to 16.6 million barrels a day for the second half of this year, the authoritative oil journal said.
April 11, 2009 |
The International Energy Agency expects global oil demand to plunge by 2.4 million barrels a day this year, about the same amount that Iraq produces, as the economic slump reduces consumption to the lowest since 2004. The Paris-based advisor to 28 nations cut its 2009 forecast for an eighth consecutive month, lowering it to 83.4 million barrels a day, or 2.8% less than last year. The IEA also said supplies from outside OPEC would drop this year.
April 1, 1987
Exxon said it agreed to buy the Australian firm Delhi Petroleum Pty. Ltd., giving it a 25% share of that country's largest onshore oil and gas production area. Exxon said the purchase of Delhi by its affiliate, Esso Exploration & Production Australia, would mark the company's first onshore oil and gas production in Australia. Delhi's daily production totals about 45,000 barrels of crude oil, 30,000 barrels of gas liquids and 480 million cubic feet of natural gas.
February 15, 1985
Occidental Petroleum said a second well flowed at the rate of 14,777 barrels of oil a day, making it one of the largest oil discoveries ever in the region. The company has not yet released an estimate of the oil reserves thought to underlie the field. Occidental said production will initially be limited to about 10,000 barrels a day, the capacity of existing pipelines to the area, but that a new 30,000-barrel-a-day line should be completed by the end of the year.
August 19, 1986 |
Nine crewmen are missing and feared drowned after an oil tanker sank in Panay Gulf in the central Philippines, the coast guard said Monday. The Nysun, with a cargo of 40,000 barrels of oil, went down off the southern coast of Panay Island on Saturday in bad weather.
May 9, 1989 |
Investigators told a special Senate committee today that a Wichita, Kan., company has been stealing oil from Indian lands for at least the last three years. Documents subpoenaed from Koch Industries show that the company consistently ended the year with hundreds of thousands more barrels of oil than it paid for, investigators told a special panel of the Senate Select Committee on Indian Affairs. Although measurement difficulties make it normal for oil companies to pay for less oil than they actually take--even up to 12,000 barrels a year--Koch documents showed that the firm ended 1986 with 803,874 excess barrels, 1987 with 671,144 excess barrels and 1988 with 474,281 more barrels than it paid for, witnesses said.