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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
May 11, 1958
Page
15
A survey by Petroleum Engineer magazine bases its 12th annual budget on 34 oil companies, showing 1958 planned expenditures around 8 billion dollars worldwide, up two percent from last year. Exploration is slated at 2.3 billion, production at 3.1 billion, with the rest for other activities.
Washington reports indicate the cabinet committee on petroleum may keep oil products in a revised voluntary allocation scheme eight day extension while Frank Ikard's import control bill gains traction. Administration moves aim to appease Texas producers amid big wholesale volumes and debates over mandatory bidding.
Conoco president J F McCollum says the Continental Oil Co education aid will total about 200000 dollars for the 1958-59 academic year. Grants go to 15 colleges, two new grantees, 17 research fellowships, and 25 scholarships at Texas schools including Rice and the University of Houston. The program also renews up to 5000 dollar scholarships at 25 colleges and continues the corporate alumni program matching employee contributions to their attended colleges.
Robert B. Gilmore senior vice president of DeGolyer and MacNaughton will address the Society of Petroleum Engineers of AIME at a Dallas meeting Thursday May 15. The program includes social hour dinner business session and main address on Where Tomorrow s Oil Is Coming From and Its Probable Cost. Gilmore formerly with Shell and Shell Oil Co holds a Tulsa University degree in petroleum engineering and is active in several professional and civic organizations in Dallas.
Pan American Petroleum Co would become unit operator if adopted as operators study waterflood and secondary recovery options in the SMS Pennsylvanian field in northwestern Kent County. Engineering favors waterflood with edge injection to push oil toward center, creating a single field unit and equitable participation among lessees.
Hughes Tool Co reports 1 915 rigs drilling in the US and Canada in the week ending with increases in Oklahoma Kansas West Texas Wyoming North Dakota Colorado New Mexico and declines in North Texas Louisiana and Mississippi Western Canada rises for the second week while total counts compare to last year and prior periods.
West Lubbock, long an oil town, expands industry attention as ACT Panels and local oilfield enterprises push new manufacturing efforts. The effort, led by Jim Mayes, signals a broader local manufacturing push in Texas’ oil country.
Sinclair Research Laboratories reveals the dip plotter an electro mechanical device to plot seismic data on a geological cross section for oil exploration. It converts seismogram measurements into electrical impulses to compute dip depth and displacement and inscribe the cross section up to ten times faster than manual plotting.
TIPRO members begin their 12th annual meeting in San Antonio as 950 oil operators and their wives attend a three day convention. They will elect new officers and set policies opposing higher oil imports federal control of interstate gas sales current production allowables and price cuts.
A 2000 member strike was averted after the Oil Atomic and Chemical Workers Union and Union Carbide and Chemicals Corp reached a settlement following their 16th bargaining session in Galveston.
Longtime Lubbock oilman Hugh Dryer was elected chair of the Lubbock Chamber of Commerce Oil and Gas Development Committee. He has long been active in the industry serving as a Texas Oil Robbers Association director and former president, with ties to Cosden distributors and local oil firms.
Houston Nedow Oil Tool Co introduces a hydraulic jet fishing device to recover junk in oil wells. The tool fits a drill collar, uses four jets to grind and lift debris into a basket, and seals with a collapsible rubber packer. Production is set for mid summer with rentals via Farrs and overseas sales by Dresser.
Magnolia Petroleum Co. said six major Baytown refining units nearing completion, funded by multi million dollar improvements at the Beaumont Refinery. The move aims to boost product quality and ensure a strong demand for gasoline, motor oils, fuels, and other petroleum products amid a slowdown.
The Railroad Commission reported 58 oil wildcats drilled this year are over 25 percent below the same date in 1957. Weekly oil completions total 238 with 4,962 for the year. gas wells 30 this week and 824 for the year. Wells plugged amount to 3,796, down from 4,368 year ago. Daily oil allowable rose by 9,285 barrels to 2,436,571.
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