ENERGY
Arco, Phillips Report Oil Discovery: Atlantic Richfield Co. and Phillips Petroleum Co. announced the first oil discovery in Alaska’s Cook Inlet since 1965. Oil was found by an exploratory well located in about 100 feet of water about 32 miles offshore west of Anchorage. The well flowed at a rate of 1,100 barrels of oil and 1 million cubic feet per day of natural gas. Next year, the partners plan to drill two or three more wells to determine the size of the discovery. Arco is one of the two main operators of Alaska’s massive Prudhoe Bay oil field.
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