[ale] oil sector recommend reading by "Lel Bruce Peto" 70's chron...

[info at lelpeto.com]

oil sector recommended reading by "Lel Bruce Peto" 70's...
Oil & Gas Chronology :  The 1970Â’s
 

1974 
Jan 7-9 
OPEC decides to freeze posted prices until April 1.
Jan 29 
Kuwait announces 60 percent government participation in BP-Gulf concession; 
Qatar follows on February 20.
Feb 11 
Washington Energy Conference opens. Attended by 13 industrial and oil 
producing nations. Called by U.S. to resolve the international energy 
problems through economic cooperation among nations. Henry Kissinger 
unveils Nixon Administration's seven-point "Project Independence" plan to 
make the U.S. energy independent. Libya nationalizes three U.S. oil 
companies that had not agreed to 51 percent nationalization in September.
Feb 12-14 
Heads of state of Algeria, Egypt, Syria, and Saudi Arabia discuss oil 
strategy in view of the progress in Arab-Israeli disengagement. 
Mar 18 
Arab oil ministers announce the end of the embargo against the United 
States, all except Libya.
May 18 
Nigeria announces 55 percent government participation in all concessions.
Jun 1-3 
Arab oil ministers decide to end most restrictions on exports of oil to the 
United States but continue embargo against the Netherlands, Portugal, South 
Africa, and Rhodesia.
Jun 4 
Saudi Arabia announces that it will increase its participation in Aramco to 
60 percent. Abu Dhabi and Kuwait follow in September. Increases are 
retroactive to January 1.
Jun 13 
IMF establishes its "oil facility," a special fund for loans to nations 
whose balance of payments have been severely affected by high oil prices.
Jul 10-11 
OAPEC lifts the embargo against the Netherlands.
Sep 6Saudi Arabia increases its buy-back price from 93 percent to 94.9 
percent of posted price. 
Sep 13 
OPEC instructs its Secretary General to "carry out a study of supply and 
demand in relation to possible production controls."
Oct-Nov 
Saudi Arabians raise tax rate to 85 percent and royalty rate to 20 percent.
Nov 15 
International Energy Agency formed in Paris within OECD framework. Saudi 
Arabia, Qatar, and United Arab Emirates announce a slight reduction in 
posted prices and tax rates.
Dec 
U.S. Crude Oil Entitlements Program enacted, retroactive to November 1974.
Dec 22 
Iraq announces plans to increase its production capacity to 3.5 MMB/D by 
1975 and to 6 MMB/D by 1981. 




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