Survey predicts vast supplies of Arctic oil, gas

QUEENIE WONG
McClatchy Newspapers
Thursday, July 24, 2008

WASHINGTON — An estimated 90 billion barrels of undiscovered but technically recoverable oil — three years of world consumption — lie north of the Arctic Circle, the U.S. Geological Survey reported Wednesday.

While the oil, along with vast quantities of natural gas, will be extremely difficult to tap, the promise is enough to make the frozen north the new — and maybe last — frontier for world energy producers.

probability. If they’re further confirmed, they become reserves.

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Currently, the five nations that border the Arctic — the United States, Russia, Denmark, Canada and Norway — all have their eyes on what geologists say is about a quarter of the world’s undiscovered but technically recoverable oil, natural gas and natural gas liquids.

According to the new survey, the Arctic Alaskan Province, which includes offshore seabeds, has the greatest potential for undiscovered oil, an estimated 30 billion barrels.

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