OIL: The Offshore Gamble

"A man can get a little jaded in the oil business after a number of years," said Continental Oil Co. President Leonard F. McCollum. "An oil well comes in, a big deal is made, it all gets to be part of the day's work. But this offshore operation staggers my imagination. Just staggers it."

Oilman McCollum had reason to be staggered last week. Eighteen miles off Jefferson Parish, La., his company brought in the deepest well (15,058 ft.) in the deepest water (97 ft.) ever drilled in offshore exploration.

To bring it in, Conoco, the seventh biggest integrated oil company...

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