Word: beaufort
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...seven inches of snow fell gently in downtown Anchorage last week, 1,000 spectators and representatives of two dozen oil companies crowded into the convention area in the International Banquet House. They were there to hear bids announced for federal lease sales in the Beaufort Sea, which perhaps contains some of the richest untapped deposits of oil and gas in the U.S. The fields are believed to hold as much as 2.3 billion bbl. of oil and 1.8 trillion cu. ft. of natural...
...Beaufort Sea bidding is part of an Interior Department plan begun during the energy-conscious days of the Carter Administration, but sharply accelerated and expanded by Secretary James Watt. Watt's plan aims at opening a billion acres of the outer continental shelf to exploration during the next five years in the hope of finding oil that will make the U.S. less dependent on imported crude...
...Beaufort Sea area was attractive to drillers because it is one of the most promising areas remaining in North America. Promise, however, is no guarantee of success. Oil companies in the past few years have spent about $2.2 billion to buy drilling rights in the Georges Bank and Baltimore Canyon off the Atlantic seaboard. They have since spent an additional $921 million exploring for energy, but have found nowhere near enough oil or natural gas reserves for commercial production...
...Agency also looked to higher prices in the future. The organization's experts predict that oil prices will continue to decrease in real terms this year and next, but will begin to rise after 1985, when supplies dwindle and world economic growth picks up. Any oil from the Beaufort Sea would not begin flowing until 1990, and the energy market may be very thirsty for it by then...
...peak capacity. Though the pipeline has been plagued by financing problems and construction start-up delays, it is seen by industry experts as an important complement to the Trans-Alaska Pipeline System, which carries 1.5 million bbl. of crude oil per day from Prudhoe Bay on the Beaufort Sea to the port of Valdez, 800 miles to the south. All together, the entire gas-pipeline network is aimed at ensuring adequate fuel supplies for industrial and home-heating use until the turn of the century and beyond...