BEAUFORT SEA SALE 124 SHOWS DISMAL RESULTS

The U.S. Beaufort Sea has, at least for the moment, lost some of its luster as an exploration frontier. That was apparent in Outer Continental Shelf Sale 124 in Anchorage last week. With virtually no competition and few if any apparent new play concepts, Sale 124 had the poorest results of a frontier federal sale off Alaska in memory. Industry officials in Alaska cited increased resistance by native and environmental groups to drilling off the North Slope as a factor, along with the