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Title: US and Canada - economic woes curtail exploratory drilling

Abstract

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.

Authors:
Publication Date:
OSTI Identifier:
5878147
Resource Type:
Journal Article
Journal Name:
World Oil; (United States)
Additional Journal Information:
Journal Volume: 196:6
Country of Publication:
United States
Language:
English
Subject:
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

Citation Formats

King, R E. US and Canada - economic woes curtail exploratory drilling. United States: N. p., 1983. Web.
King, R E. US and Canada - economic woes curtail exploratory drilling. United States.
King, R E. 1983. "US and Canada - economic woes curtail exploratory drilling". United States.
@article{osti_5878147,
title = {US and Canada - economic woes curtail exploratory drilling},
author = {King, R E},
abstractNote = {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.},
doi = {},
url = {https://www.osti.gov/biblio/5878147}, journal = {World Oil; (United States)},
number = ,
volume = 196:6,
place = {United States},
year = {Sun May 01 00:00:00 EDT 1983},
month = {Sun May 01 00:00:00 EDT 1983}
}