One-third of the state of Alaska is in the Arctic Circle. In early 1968, a big oil field was discovered at the Prudhoe Bay facing the Arctic Ocean, and oil fever is stirring peak there and elsewhere.
It was ten years ago that commercial oil fields in the southern part of Alaska were exploited. Exploitation of oil and natural gas there, was steadily going.
Humble Oil and Refining Co. and Atlantic Richfield Co. discovered the Prudhoe Bay oil field after a ten years persistent exploration activity.
The 1969 report of the Cabinet Task Force on Oil-Import Controls showed that crude oil from the North Slope would be fully competitive with crude oil from other areas, not only in the U.S. but in Japanese markets.
As to the transportation of the oil, Esso has successfully acomplished the Northwest Passage. A supper icebreak tanker “The Manhattan”, has gone the East Coast to the Prudhoe Bay across the Arctic Ocean.
Esso, however, has recently announced that the Northwest Passage is not economical enough.
TAPS (Trans Alaska Pipeline System) which is to be constructed from the Prudhoe Bay to Valdez, a port of Gulf of Alaska, is not permitted its construction because of the sever contest of the conservationsists who have the fear of oil pollutions and environment al damages.
Today, the North Slope crude oil that has low sulpher content and low pour point would have valuable significance to the Majors and Japan, while the offence of the OPEC involving raise of the posted price and increase of the income tax rates is escalading.
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