Developments in Alaska in 1969

Abstract

In 1969, accelerated exploratory activity on the Arctic North Slope accounted for the substantial gain made in overall Alaskan exploration over the previous year. Total exploratory drilling increased 132% to 44 exploratory wells, of which 32 were in the Arctic North Slope area, 10 in the Cook Inlet basin, and 2 in other basins. The 17 successful wells, all on the Arctic North Slope, resulted in extension and definition of the Prudhoe Bay field boundaries, discovery of 1 new shallower pool within the field, and 2 new-field discoveries. In addition, exploratory drilling in 1969 confirmed and increased the original estimates of Prudhoe Bay field reserves of 5-10 billion bbl of oil to in excess of 10 billion bbl of oil. The high level of exploration on the North Slope will co tinue into 1970. The concentrated exploratory efforts in northern Alaska culminated in the record-setting September State Lease Sale that brought total accepted bonus bids of $900,041,605 for 412,548 acres within or in close proximity to the Prudhoe Bay field. As interest shifted to the extremely active Arctic North Slope, exploration in other parts of the state, confined to four major basins, declined from 1968. A significant development in the Gulf of Alaska was the drilling of the first offshore well. Industry's interest remains high in the Gulf of Alaska province and Bristol Bay basin, as offshore lease sales tentatively are scheduled or anticipated for 1970. Fifty-five development wells were drilled in the Cook Inlet basin, a decrease of 38% from 1968. Oil production increased 12% to 74,353,273 bbl and gas production rose 47% to 147,328,379 Mcf.