US and Canada - economic woes curtail exploratory drilling

Journal Article · Sun May 01 00:00:00 EDT 1983 · World Oil; (United States)

OSTI ID:5878147

King, R E

The business recession and surplus oil and gas supplies led to a sharp decline in petroleum exploration after banner year 1981. Wildcat drilling was diverted from high-cost/high-risk prospects to extension of existing fields. Drilling for deep gas was especially hard hit. Off shore, drilling on the once highly regarded Georges Bank was suspended after 8 dry holes. However, companies paid more than $2 billion for offshore leases in N. Alaska. The Point Arguello oil field off S. California was extended, and other discoveries were made in the same basin. Onshore exploration in Canada languished for the third year, but generous incentives by the Canadian government stimulated drilling in frontier zones off the east coast and in the Arctic.

• OSTI ID: 5878147
• Journal Information: World Oil; (United States), Vol. 196:6
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
EXPLORATION
ECONOMICS
NATURAL GAS DEPOSITS
PETROLEUM DEPOSITS
ALASKA
CALIFORNIA
OFFSHORE OPERATIONS
SUPPLY AND DEMAND
WELL DRILLING
DRILLING
FEDERAL REGION IX
FEDERAL REGION X
GEOLOGIC DEPOSITS
MINERAL RESOURCES
NORTH AMERICA
RESOURCES
USA
020200* - Petroleum- Reserves
Geology
& Exploration
020700 - Petroleum- Economics
Industrial
& Business Aspects