During 1962, 23 exploratory wells were drilled compared with 20 in 1961. Development wells decreased from 29 to 13.

First offshore drilling commenced in 1962 from 2 barges and 1 platform in Cook Inlet basin and from 1 platform along the Alaska Peninsula. Offshore drilling in Cook Inlet was discontinued in November due to winter ice but will be resumed in early, spring.

First wells were drilled on the west side of Cook Inlet.

Three new gas fields were discovered during 1962 and 1 offshore gas blow-out was burning. No oil fields were found.

A seismic crew was air-lifted to the Arctic (North) Slope and shooting commenced in the area east of Naval Petroleum Reserve No. 4. This is the first seismic work in the area since the U. S. Navy Department discontinued exploration in 1953.

Seismic mapping increased from 73¼ crew-months in 1961 to 81¼ crew-months in 1962 with all of the increase due to offshore sparker-gas exploder work.

Surface geologic exploration decreased 25.9%. An increase in surface geologic work and also seismic activity is expected in 1963. The Arctic (North) Slope is to receive the greatest increase. Exploratory drilling may show a slight decline and development drilling a continued decline.