During the 1960s and early 1970s, initial surveys were conducted 

 by the oil industry to determine the location and thickness of sedi- 

 ments and structures which might hold petroleum and gas. The most 

 recent seismic survey was completed in 1975 by the Shell vessel 

 Phaedra . The promising results from these surveys and the policy of 

 the Nixon administration to speed up OCS leasing were responsible for 

 the oil industry's desire to proceed as quickly as possible with ex- 

 ploratory stratigraphic drilling. 



The Ocean Production Company (a consortium of 31 companies) was 

 organized in the summer of 1975 to drill a continental offshore strati- 

 graphic test (COST) well in the area. Approval for COST well G-l was 

 given in October 1975, and drilling began in April 1976 and was com- 

 pleted in 90 days. The rig SEDCO-J was used to drill a 16,000-foot 

 test well 75 miles east of Nantucket Island. Although stratigraphic 

 information will not be released to the public until 60 days after 

 the lease sale, the drilling rig served as New England's first exper- 

 ience with offshore drilling. In addition to providing 83 temporary 

 jobs for Rhode Island residents, the SEDCO-J also drew attention to 

 possible conflicts. It was involved in an accident as it was towed 

 out to the G-l site, resulting in the loss of several thousand dollars 

 worth of lobster gear. A second COST well project is presently being 

 conducted by the Ocean Production Company with the Ocean Victory . 

 This off-structure well will be drilled to 22,000 feet, 115 miles 

 east of Nantucket. 



