Oil & gas.

• Position: Inside Alaska Industry

Last year went out like a lamb for Alaska's oil industry, but 1993 roared in like a lion. Before the end of January, a flurry of leases and exploration announcements from the state's major oil companies fueled speculation that new wealth would flow into Alaska's oil barrels long before the Prudhoe Bay field dies out.

On January 26, the state's third most profitable oil lease sale ever occurred in Anchorage, bringing in $65 million for lucrative-looking tracts in Cook Inlet. Arco Alaska Inc. and Phillips Petroleum Co., partners in inlet oil exploration, paid more than $64 million for drilling rights to 15 leases. In late 1991, the two companies announced an oil find in Cook Inlet, but remained silent about the size of the discovery.

Following the January lease sale, Arco announced that it would work with Phillips to develop a commercial field in Cook Inlet, and that production could begin as early as 1996. Rumor-mongers continue to argue about the size of the field. Arco said it wouldn't announce the quantity of oil discovered until the end of 1993.

And Alaska's North Slope will enjoy one its the busiest exploration seasons in recent memory. Arco plans to drill nine new wells, Conoco Inc. plans two new exploratory wells, and Amerada Hess Corp. and Exxon USA each propose one new well.

Adding to the good news, BP Exploration (Alaska) Inc., absent on Alaska's oil exploration scene throughout 1992, stated that it would drill three new exploratory wells in 1993 on the North Slope. It also...