Independent from Long Beach, California on March 19, 1976 · Page 15
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Independent from Long Beach, California · Page 15

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Long Beach, California
Issue Date:
Friday, March 19, 1976
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Page 15
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A'.16--INDEPENDENT (AM) PRESS-TELEGRAM (PM) icna ne.cr,, C.IK., m.. M»rch it, im 20% size of all U.S. reserves Vast new Saudi oil fields found The Country Parson By ERIC PACE New York Times Service DHAHRAN, Saudi A r a - bia::-- Vast additional oil fields, equivalent in size to more than 20 per cent of t h e United States' total proven oil reserves, have been discovered in Saudi Arabia, executives of the A r a b i a n American O i l Company reported here. "That makes us f e e l we're going to be in business here for a while," the c o m p a n y ' s c h a i r m a n , Frank Jungers, observed drily. He also predicted that his company's oil production would rebound to an Average of 7.5 to 8 million barrels a day for all of 4976. And he indicated that Uie.Saudi government was Striving for an agreement to take over the company entirely within t h e next nine months. ' [ JUNGEUS, who is a U.S. citizen, and other executives of the company, both Saudi ami Americ a n , w e r e interviewed h e r e at the sprawling headquarters of Aramcn, is the company is known, [t now accounts for 90 per cent of the t o t a l oil production of Saudi A r a - bia, (he world's third largest oil-producing nation after the Soviet Union and ihc United Slates. .; The Saudi government, frhich already owns GO per cent of Aramco, has insist- ed t h a t the c o m p a n y mount searches for undiscovered oil. It was these, Aramco officials reported, that led last year to the discovery of three n e w f i e l d s w i t h p r o v e n reserves totaling more than V billion barrels. These newly discovered reserves arc worth more than $70 billion, an Aram- co official said, and they have increased the proven reserves in Saudi Arabia, already huge, by almost 7 per cent. The new reserves arc about equal to Canada's total proven reserves of 7 billion barrels, he noted. They are also the equivalent of more than one-third the 1 8 - b i l l i o n - b a r r c l proven reserves of another m a j o r oil-producing nation, Venezuela, in a d d i - tion to representing more than one-fifth of the total U.S. proven reserves of 3.1 billion barrels. One of the three new fields -- named Ribyan, which means "shrimp" -is roughly 30 m i l e s o f f shore f r o m a point on S a u d i Arabia's Persian Gulf coast that is 65 miles down the coast from (lie border of the neutral zone separating Saudi Arabia from Kuwait, the official reported. A n o t h e r new f i e l d , known as the Lawadah field, is farther offshore, lying about 30 miles east of the Ribyan field, he s a i d , although p r e c i s e data about the dcplh of the Persian Gulf at the two sites were not available. The t h i r d new field, called (he Ditxlibah field, is onshore. It is said to lie 75 miles south of the neutral zone border and 8-5 miles inland from the Persian Gulf coast. T H E R E were suggestions t h a t t h e f i e l d s contained m e d i u m and heavy grades of oil, but no details w e r e made available. Interviewed Wednesday in his office here near the Persian Gulf coast, Jungers said Aramco, which is ·10 per cent owned by four U.S. oil companies, would continue a high level of petroleum exploration activities because "It's a prudent business practice and because the government of Saudi Arabia, like every other government, insists on diligent exploration activity as part of its concession" arrangements with oil companies. This is despite the fact that Saudi Arabia's total estimated c r u d e o i l reserves are roughly ISO billion barrels, including half the n e u t r a l z o n e ' s reserves, wtu'ch are shared with Kuwait. A r a m c o , w h i c h is responsible for exploiting all the oil inside Saudi Arabia's borders, had a total of 176 billion barrels in reserves at the end of 1975, This figure included the 108 billion in proven reserves -- defined as reserves t h a t a r e easily recoverable through methods now available. Jungers also reported without elaborating t h a t the r e c e n t meeting at Panama City, Fla,, had effected a rapprochement between the Saudi government and the four U.S. oil companies concerning the terms of the Government's expected takeover of their interest in Aramco. "There isn't any doubt but that the Florida meeting did bring the parlies closer together," he said. The meeting, held under slrict secrecy, was attended by Jungcrs, by Sheik Ahmed Zaki Yamani (the Saudi oil minister) and executives of the four U.S. companies -- Standard Oil Co. of California, Exxon Corp., Texaco I n c . and Mobil Oil Corp. All the parlies, Jungers said, are striving to reach an agreement during 1976, although the date on which the agreement is to be considered in effect has not been set. Nor has it been decided, J u n g c r s s a i d , whether there are to be changes in the composition of the 18- member Aramco board, which at present includes concerning Ihe Saudi government takeover of the remaining 40 per cent had been progressing, adding: "With what progress has been made, there's a lot of detailed work to be done, and following Ihis work there's got to be moro m e e t i n g s to determine whether actual agreement can be reached on the specific p o i n t s outstanding. " '' "It's the intention of all the parties to try to settle the matter as expedrtiousi ly as possible, but ifs a very complex maUer,"'he said. --"" "It secmi cvcrv time i Icllow gels A little bit ahead -- somebody soils him something he hasn't previously needed." only three Saudis, including Sheik Zaki. Bui Jungers said he did not t h i n k tbc expected change in the ownership of Aramco would entaU any drastic changes within the company. He said the negotiations E. B. FRANKEL, M.D. MEDICAL CROUP SKIN DISEASES --TUMORS COMPLEXION -- ALLERGY ..: PLASTIC SURGERY -- TATOOS. HAIR TRANSPLANTS ,.-./ HAIR REMOVED BY ELECTROLYSIS , .... PHONE FOR PERSONAL APPOINTMENT All Mcdkai Health Worn M£D*CA1 UTIIAIUW ON KQUIST LOS ANGELES M2J "'^'."A LAKEWOOD HTN. BEACH 1101 NEWMAN ST. 655-6533 (714)540-6805 IPT-3/8 Soviet spy ships reported hear oil rigs in North Sea * New York Times Service ; LONDON -- The Rus- Jians a r c r e p o r t e d l y sharply increasing I h e i r intelligence activities in Ihc North Sea because they Icar that their ships and submarines will soon be severely restricted by B r i t i s h oil installations there. , _ Prof. Alan Thompson, economist ;i( Fleriot-Walt University in Scotland who is conducting a study into defense ami other hazards of North Sea oil product i o n , q u o t e d W e s t e r n sources ns saying Ihe Soviet U n i o n had b e c o m e "paranoid" a b o u t t h e North Sea and that its intelligence-gathering vessels had gone dangerously close to the oil rigs. He said t h e Russians were convinced that these installations c o n t a i n e d 'NOV Baldwin lALDWTN MALI* IN THi tOWO RUCH, HANfcO*, SOUTM BAY AM AS MARCH CLEARANCE NEW AND USED ORGAN AND PIANO SALE! 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He con- f i r m e d t h e professor's assertion t h a t s e v e r a l Soviet s h i p s had b e e n "chased away" from the rigs. T h o m p s o n h e a d s a group that has been studying the subject for more than two years. He says the Russians are worried t h a t their freedom of passage is being affected by the growing number of rigs and platforms. "They even suspect that some commercial divers may be naval intelligence men," he s a i d . "They need the North Sea and open access to it. They fear they are going to be squeezed out." Ocean parley fearful of U.S. OK on mining U N I T K D N A T I O N S , N.Y. (AP) -- A negotiator at (he law of the sea conference declared Thursday that any unilateral U.S. action nn deep sea mining would "disrupt our work" on a global oceans treaty. "Any action of that type could cast doubt about the sincerity of the U.S. delegation," said Paul Engo of Cameroon, chairman of t h e committee d e a l i n g with the question of mining for minerals in Ihc deep sea beyond the jurisdiction of any state. Engo was replying to a reporter's question about Ihc impact of bills introduced in the U.S. Congress t h a t w o u l d a u t h o r i z e Washington to license private firms to exploit an estimated $3 trillion worth of mineral-rich n o d u l e s lying at ocean depths of more than two miles. The b i l l s arc b e i n g pushed by several m u l t i nationals and consortiums -- i n c l u d i n g Kennecott C o p p e r , D e c p s e a Ventures, Lockheed and International Nickel -- which have invested millions of d o l l a r s i n t o developing technology to m i n e the deep. At a news briefing, the chief U.S. delegate, T. 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