Many holes drilled, not a drop of oil to show for it
This week in 1981, the Zapata Saratoga, a Shell Oil Company exploratory oil rig, was in position on Georges Bank, about 150 miles southeast of Nantucket, Mass.
That year, during the previous month, the state approved oil and natural gas exploration in that area and said drilling could begin in August. Exxon, Getty, Mobil and Shell have already applied for drilling permits, and the press reported extensively on the start of drilling for oil in Georges Bank.
It was not to be, however, as the first President George Bush later proclaimed a federal edict which prohibited all offshore oil exploration, at least until today when his son has rescinded that presidential edict.
Eight exploratory wells were dug to average depths of 16,000 feet about 125 miles east of Cape Cod through early 1982 and when they were finished, not a drop of oil was found.
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That 1974 story continues below: