First oil from the Canadian Arctic

After a 15-year drilling program, Panartic Oils Ltd. plans to begin small-scale production at the Bent Horn field on Cameron Island, which has an estimated 20 million barrels of oil. The company expects to produce two million barrels between 1985-1990 at a $15-$20 million cost, making it a viable demonstration that small-scale production is economically feasible. Panartic will use Finnish ice-breaking tankers bringing diesel fuel north to carry the oil once storage and loading facilities are complete at Bent Horn. Federal approvals could be completed in time to allow facility construction before the end of the summer.