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Arctic may hold twice the oil previously found there
CNN) -- Continental shelves beneath the retreating polar ice caps of the Arctic may hold almost double the amount of oil previously found in the region, scientists say.In new findings, the U.S. Geological Survey estimates the Arctic may be home to 30 percent of the planet's undiscovered natural gas reserves and 13 percent of its undiscovered oil. A team of scientists at the USGS collaborated with international researchers to conduct the first-ever comprehensive assessment of undiscovered oil and gas reserves within the Arctic Circle. "We tried to put some boundaries on the range of possibilities and resources available in the Arctic," said geologist Donald Gautier, lead author of the survey, which is published this week in the journal Science. Using geological analysis and probability modeling, researchers mapped out sedimentary rock deposits to estimate the amount of undiscovered oil and gas beneath undersea continental shelves. This survey, the first of its kind, could help oil and gas companies locate new troves of fossil fuels. Researchers say that deep ocean basins have relatively low petroleum potential, but the Arctic is one of the world's largest remaining areas where oil and gas are accessible. Most of the reserves are projected to be in less than 500 meters of water -- roughly a third of a mile deep. Undiscovered oil in the Arctic may account for almost 4 percent of the world's remaining conventionally recoverable oil resources, USGS scientists say. "It would not mean that there would be any kind of a significant shift in global oil balance," Gautier said. "But this is especially significant for the Arctic nations." Nations whose borders lie within the Arctic Circle are Canada, Greenland/Denmark, Norway, Russia and the United States. Although it's closer to North America, Greenland is considered part of the Kingdom of Denmark. (Guess which country will not explore) Posted by: GolfBravoUSMC 2009-05-28 |
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