The first well that produced commercial quantities of oil in the Cook Inlet Basin of Alaska was completed in 1957. Since that time oil production in the basin has increased rapidly and by the end of 1969 had reached an annual rate of 74 million barrels. Five major oilfields had been developed, and two additional discoveries awaited development. Estimated amounts of recoverable oil by primary and secondary recovery methods total 2.7 billion barrels, or 36 percent of the estimated oil originally in place. Repressurization by injecting gas or water in formations containing under saturated oil has significantly increased the volume of recoverable oil. All production has been from formations of the Tertiary age; that much of it is from depths of 10,000 feet or more is unusual for Tertiary formations. The oils are low in sulfur and contain low to moderate amounts of asphalt.