Committee Approves Move to Kill Synthetic Fuels Corp
L. D. Barney, THE JOURNAL RECORD
Elimination of the agency would reduce federal spending by some $6 billion, Synar says.
The bill would authorize $500 million to the Department of Energy for continued synfuels work over several years. Synar told the committee the bill is a "rare opportunity to keep a sound, reasonable synthetic fuels program while saving taxpayers some $6 billion.
"There is no task before Congress of greater importance than cutting this Nation's deficit by reducing federal spending. We can take a major step toward that goal by eliminating this costly unjustified and unnecessary federal agency."
The Synthetic Fuels Corp. was created in 1979 to support the commercial development of synthetic fuels to reduce U.S. dependence on foreign energy supplies.
Since then, oil prices have dropped substantially and a number of companies involved in synfuels research have abandoned their plans.
In addition, the agency has been plagued by charges of mismanagement, Synar says, as well as high salaries for officials, excessive fringe benefits and excessive price supports for synthetic fuels project sponsors.
The congressman points out that at one time the possibility existed that one oil company could get up to $1 million a day in federal price support.
The bill has been assigned to the House Banking Committee for consideration. . .
- Crude oil was tested at nearly 5,000 barrels a day from an exploratory well drilled by Union Texas Petroleum, of Houston, in the Badin area of southeast Pakistan.
It is Union Texas' third oil and gas discovery in Pakistan this year.
The wells, Mazari No. 2, tested 45 degree API gravity crude at 4,980 barrels daily through a one-inch choke with 349 pounds-per-square-inch flowing tubing pressure.
The test was conducted from perforations between 3,888 feet and 3,918 feet. Additional perforations tested oil at rates of 600 and 3,200 barrels a day.
A confirmation well is planned to further develop the newly discovered reserves.
Union Texas has a 30 percent interest in the discovery. The remaining interest is held by Occidental Petroleum with a 30 percent interest and the Oil and Gas Development Corp., the Pakistani government-owned company, with a 40 percent interest.
Under a licensing agreement with the Pakistan government, the Union Texas group explores for and develops oil and gas on 2.2 million acres in the Badin area. . .
- Former Tulsan Frank W. Vaughn has been named general manager of the general products division of Facet Enterprises Inc., of Henderson, N.C.
Vaughn has been an employee of Facet since 1979. He most recently held the position of president and general manager of the Facet Aerospace Products Co., Jackson, Tenn. He also served as vice president and general manager of the Facet Automotive Filter Co., of Tulsa. . .
- Ward Petroleum Corp., of Enid, has made several personnel changes.
Larry W. Jenkins, has joined the firm as a landman. He will work in western Oklahoma.
His previous experience includes positions as district land manager for Hunt Energy Corp. …