Abstract

Industry activity continued to decline as a result of economic recession, dropping oil and gas prices, high interest rates, and a worldwide oil surplus. The exploratory success rate increased from 62 to 65% in 1982, with 761 oil discoveries and 732 gas discoveries. The development success rate increased slightly from 88 to 89%, with 1,742 oil completions and 1,823 gas completions. In the Arctic Islands, a major stepout oil discovery was made at Cisco, off Lougheed Island, and gas was discovered at Sculpin, near Ellef Ringnes Island.--Modified journal abstract.

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