The shock suffered by the giant international oil companies last year when the oil producing countries of the Middle East banded together and demanded a greater share of profits brought home the need of a counterweight to Middle East price demands.
GV AIR TO AIR Helicopter
SV Aerial to drilling rig
SV From helicopter to drilling to rig
MV Sign "Tigiuno No. 1" TILT UP TO top of drilling rig
SV PAN President Ibarra
GV Oil workers listen to speech PAN TO drilling site
SCU Taylor, President of the Anglo-Ecuador Oilfields Ltd starts drilling operation
CU TILT UP Drilling rig
Initials SGM/1544 SGM/1635
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Background: The shock suffered by the giant international oil companies last year when the oil producing countries of the Middle East banded together and demanded a greater share of profits brought home the need of a counterweight to Middle East price demands. Ecuador is one country that has attracted oil companies. Preliminary estimates of the oil lying beneath the dense, almost impenetrable jungle of the Oriente, on Ecuador's eastern flank, put the sores at between 5-10 billion barrels. Eight groups involving 21 oil companies have large concessions. Our film shows work beginning on a drilling site belonging to one of the groups - Anglo-Ecuadorean. The beginning of the work was witnessed by the President of Ecuador, Dr Velasco Ibarra. His government is encouraging the oil exploiters, hoping for a boom similar to that caused by oil in Venezuela.
SYNOPSIS: In Ecuador, helicopters lead the search for oil. They're needed to get to the deposits, which are all beneath the thick, almost impenetrable jungle of the Oriente, on Ecuador's eastern flank. It's one of the places where the world's oil companies are trying to find a counterweight to the price demands of the Middle Eastern oil producing countries.
The President of Ecuador, Dr Velasco Ibarra was present at the beginning of work on a new oil site belonging to the Anglo-Ecuadorean group...they're one of eight groups involving 21 companies with oil concessions. The flurry of activity in the jungle could mean a great boom for Ecuador, on the lines of the oil boom in Venezuela.
The President of the Anglo-Ecuadorean group, John Taylor began the drilling operation in a ceremonial atmosphere, watched by the oil workers.
It's been estimated that there's a store of 5 to 10 billion barrels beneath the jungle, with a possible potential of 20 billion.