Invited Review PaperThe Arctic Islands Adventure and Panarctic Oils Ltd.

The story of oil and gas exploration in the Arctic Islands of Canada and in the Sverdrup Basin of that region is largely the story of Panarctic Oils Limited. Panarctic was incorporated May 27, 1966 by Federal Letters Patent and operations started in 1968 with the first seismic work. J.C. Sproule of Calgary was a major force behind its formation. Panarctic was an industry/government consortium established to explore for oil and gas in the Canadian Arctic Islands, with up to 37 participating companies. Panarctic drilled 150 wells over an area measuring some 850 by 1200 km. The most northerly well was located approximately 80°45′ N on Ellesmere Island and the most southerly well was at 72°40′ N on Prince of Wales Island. 38 of these wells were drilled offshore from floating ice platforms in water depths of up to 550 m. 500 km3 (17.5 trillion ft3) of natural gas reserves was discovered over this period and small oil reserves were discovered at Bent Horn. All of the offshore wells attempted were drilled, logged and tested as planned, a proof of the viability of using ice as a support for drilling. In spite of large distances, extreme weather and permafrost, the operations were successful and had no lasting effect on the environment. This paper summarizes the significant achievements over Panarctic's history from inception to 1986 when operations ceased.