Pool Arctic Alaska: drilling for dollars.

• Author: Tyson, Ray
• Position: The new 49ers

In the intensely competitive oilfield service industry, this Anchorage company thrives by providing equipment, ideas and technology.

As one of the most diversified and experienced drilling companies in the state, Pool Arctic Alaska can look forward to a relatively secure future in the oil patch, an unpredictable and unforgiving business arena that's produced more than its share of casualties in recent years.

With its feet and rigs firmly planted in Cook Inlet and on the North Slope, Alaska's major petroleum domains, Pool Arctic is forecasting record employment and a modest gain in operating revenues this year.

"We're seeing the best of all worlds right now," notes general manager Dale Larsen. "But you still have to find oil and gas."

Pool Arctic owns and operates three specialized drilling rigs and a well workover rig, all located on the North Slope. The company also provides crews to oil and gas operators in Cook Inlet, and has access to three offshore platform rigs and other equipment for operations in the inlet.

Along with two other contractors (Nabors and Doyon) that form BP Exploration (Alaska) Inc.'s new partnerships or "alliances" for development drilling at the Prudhoe Bay field, Pool Arctic's big mission on the North Slope is to help BP reduce well costs at Prudhoe by 30 percent over the next few years if all goes well.

"Alaskan resources of Pool Arctic Alaska and Doyon Drilling brought together a well-balanced team of experienced personnel and a variety of North Slope rigs," says Sam Lynch, manager of Shared Services Drilling for BP and Arco.

Saving Costs

It was increasing costs and declining production at Prudhoe Bay that led to major contractor and employment cutbacks at BP last year. Larsen says a 30 percent reduction in the cost of drilling a well at Prudhoe should enable BP to develop an additional 3 billion to 4 billion barrels of oil reserves.

"We're trying to figure a way to save them costs," says Larsen. "We have equipment, ideas and technology they can use for their operations. Our people can help them out and their people can help us out."

Pool Arctic also is under contract for at least three other projects this year on the North Slope, including development work at the Point McIntyre and Niakuk fields and exploratory drilling at BP's Yukon Gold prospect on the western fringe of the Arctic National Wildlife Refuge (ANWR) coastal plain.

In Cook Inlet, Pool Arctic holds labor contracts for drilling operations on 13 of the...