Developments in Alaska in 1968

Abstract

Exploration drilling declined 44% from 1967, with only 19 exploration wells drilled in 1968. Four of the wells were discoveries, resulting in discovery of a gas field and an oil field in Cook Inlet, and a major oil field on the Arctic North Slope; this newly discovered field has been estimated to contain reserves of 5-10 billion bbl of oil. The number of successful development wells in Cook Inlet doubled, and the production rate more than doubled from 1967. Three new platforms were added to the 11 already located in Cook Inlet. State lease sales in the Cook Inlet basin and the Alaska Peninsula netted the state $4,059,109 in bonus bids for the 234,906 acres leased. Exploration, restricted to 4 of the state's 10 basins, declined from 1967, except in the Arctic North Slope where activity increased significantly.