Gulf of Alaska development hinges on giant reserves

Journal Article · Mon Sep 17 04:00:00 EDT 1979 · Oil Gas J.; (United States)

OSTI ID:6864841

Hanley, P T; Wade, W W

Large structures already located in the Gulf of Alaska do not necessarily hold large reserves of oil and gas, but in the outer continental shelf (OCS) it is believed that only giant reserves are worthy of development given current oil prices and production costs. Fewer than one percent of all oil fields developed to date has been larger than 100 million bbl, and only 272 oil fields in the world have reserves greater than one-half billion barrels. Offshore oil and gas have become an increasingly important share of US production in the last 20 yr. In 1978, offshore oil production was nearly 16% of the US total, and offshore gas was 25% of the total in 1977. The OCS potential has barely been sampled. Only 4% of the OCS areas has been leased and explored by drilling, and in Alaska, fewer than one-half percent of the OCS has been leased. Scheduled sales will increase the percentage of Alaskan OCS leased and subsequently explored. Current estimates of undiscovered recoverable oil and gas for the OCS areas of the US confirm the importance of Alaska's resources in the energy future (about 58% of yet to be discovered offshore crude oil resources). Since discovery of fields of economic size in the Alaskan OCS will require development costs of huge proportion, billions of dollars will be required in the next decade for such development.

• OSTI ID: 6864841
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 77:38; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020100* -- Petroleum-- Reserves-- (-1989)
CONTINENTAL MARGIN
CONTINENTAL SHELF
ECONOMICS
ENERGY SOURCES
FLUIDS
FORECASTING
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
GEOLOGIC DEPOSITS
GULF OF ALASKA
LEASING
MINERAL RESOURCES
NATURAL GAS
NATURAL GAS DEPOSITS
NORTH AMERICA
OFFSHORE OPERATIONS
PACIFIC OCEAN
PETROLEUM
PETROLEUM DEPOSITS
PRODUCTION
RESERVES
RESOURCE ASSESSMENT
RESOURCES
SEAS
SURFACE WATERS
USA