There are sharply differing opinions as to what will happen to oil prices in the next year, as a result of the outcome of the recent Caracas OPEC (Organisation of Petroleum Exporting Countries) Conference.
GV Oil refinery installation in the United States
GV Storage tanks
GV AND CU Cars and owners at gasoline filling station
CU Exxon Sign
CU Mobil sign
AERIAL VIEW Oil refinery and flares in Mexico
PAN DOWN Oil rig GV AND CUs men working various instruments, general activity on rig and gas being burned off
AERIAL VIEW Amazon River and dense jungle in Peru, tracking shot along jungle road (2 shots)
GV Men carrying equipment through jungle
GV Rig on Canadian prairie. Machinery in operation
PAN DOWN Rig and men working
Oil rig in North Sea (2 shots)
CU Men on barge loaded with pipes pulling up to rig
GV Men working on rig
GV Australian oil rig
GV AND CU Diver lowered into water (3 shots)
GV AND CU Underwater shots of rig legs, fish and seals swimming around rig
GV Rig jutting into the Caspian Sea in the Soviet Union. Road along seafront (2 shots)
GV Tractor ploughing snow and felling trees in Siberia
CU Rig turning and TOP VIEW of rig pump coming down. GVs Rig in operation
CU Chinese workers at Takang Oil field (3 shots)
GV View up rig as shaft is lowered (2 shots)
CU Workers' face oil gushing out of pipe (3 shots)
CU Chinese woman working. Pipes being unloaded (2 shots)
GV AND CU Oil being pumped into trains. Oil gushing from hose
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Background: There are sharply differing opinions as to what will happen to oil prices in the next year, as a result of the outcome of the recent Caracas OPEC (Organisation of Petroleum Exporting Countries) Conference. The organisation's failure to settle on an agreed price has been called the most serious breakdown in the world oil pricing structure since 1973. Information from the meeting revealed the average cost of an OPEC barrel will settle at the beginning of 1990 at around twenty-six dollars. That s four dollars more than the price at the beginning of December and six more than six months earlier. But even with its soaring cost and a global pledge to search for new, practical and cheap alternatives, the world market still demands vast quantities of the valuable liquid. The large oil companies continues the search for remaining undiscovered reserve and throughout the world exploratory drilling is on the upsurge.
SYNOPSIS: Crude oil production in the United States started to decline in 1970, but 1978 marked the discovery of Alaskan North Slope oil and increased exploration throughout the country.
But the demands of the American consumer still meant a fifty billion dollar oil import bill in 1979. So some of the most powerful oil companies are backing intensified exploration.
Mexico's new found and ever increasing energy riches are a bonanza second only to Saudi Arabia. With North Sea Oil and the |Alaska reserves, Mexico is making gone of the biggest contributions to the growth of world oil production outside OPEC. And over the next decade it is expected to emerge as one of the world's most significant oil exporting countries.
Potential reserves on the South American continent -- like this one in the Peruvian Amazon are buried beneath thick jungle and swamp. And so international oil companies have had to pioneer suitable equipment and removal techniques.
Oil was discovered on the barren Canadian prairie in 1947 but production from Alberta's conventional wells had been declining for the past decade. However, experts say the oil extracted from the Athabasca Tar Sands could last two hundred years once expensive and complex extraction techniques have been perfected.
North Sea oil has placed the United Kingdom second only to the Soviet Union as one of the major non-OPEC exporters. British oil helped lower OPEC's share of the world market from sixty-five percent in 19763 to fifty-eight percent in 1979
Oil exploration in and around Australia is on the upswing. Most of the major oil companies with Australian partnership have launched an expensive deep-water exploration programme. And they are in the forefront of research into how oil deposits at depths of between eight hundred and two thousands metres can be developed.
The Caspian Sea is the Soviet Union's most intensely exploited offshore oil area. But the Soviet's are looking to the West for the technology to drill in very deep water.
Soviet oil men say they are on the verge of new major discoveries in the far north. It is likely the Soviet Union will remain the world's largest non-OPEC oil exporter with targets set to triple oil exports to the west by 1985.
In China the growth of oil production has recently slowed down. Foreign observers say this could be because China is trying to restrict domestic consumption. But it is also because of difficulties in recovery methods. Many countries are competing to provide equipment to solve this problem. But the eighties will be the age of off-shore oil exploration near China which is seen as the country's biggest potential earner of the foreign exchange needed for the push modernise in the eighties.