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The AAPG/Datapages Combined Publications Database

AAPG Special Volumes


Pub. Id: A108 (1973)

First Page: 611

Last Page: 616

Book Title: M 19: Arctic Geology

Article/Chapter: Supply and Demand Applied to North American Arctic: Economics of Petroleum Exploration and Production in the Arctic

Subject Group: Geologic History and Areal Geology

Spec. Pub. Type: Memoir

Pub. Year: 1973

Author(s): Henry B. Steele (2)


The economic potential of petroleum production from Alaska and other possibly productive areas in the North American Arctic regions is significant. There are basic distinctions between economic and geologic potential, and between exploration, development, and production costs for petroleum. Further distinctions exist between fixed and variable costs, between short-run and long-run costs, and between those expenditures which represent outlays for the purchase of actual goods and services (labor, materials, capital goods) and those expenditures which do not (lease bonuses and rentals, royalties, and various taxes). Projected production levels for North American Arctic oil for 1920 range from 5.2 million bbl per day at a price of $2.30 per barrel to 9.9 million bbl per day a a price of $4.44 per barrel.

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