Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

The Seattle Times

Nation & World


Our network sites seattletimes.com | Advanced

Originally published Thursday, July 24, 2008 at 12:00 AM

E-mail article     Print view

Wealth of oil and gas in Arctic, U.S. says

An estimated 90 billion barrels of undiscovered but technically recoverable oil — three years of world consumption — lie north...

McClatchy Newspapers

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.

Undiscovered oil and gas are thought to be present based on geology and probability. If they're further confirmed, they become reserves.

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.

Geologist Donald Gautier, who led the study, added: "In our judgment, [the Arctic Alaska Province] is the most obvious place to look for oil north of the Arctic Circle right now."

While Arctic Alaska has the greatest undiscovered energy potential, other big stocks are thought to lie in the Amerasia Basin north of the two continents and also east of Greenland.

The West Siberian Basin contained the most undiscovered natural gas, with 651 trillion cubic feet, followed by the East Barents Basins, with 318 trillion cubic feet, and Arctic Alaska, with 221 trillion cubic feet.

The geological survey's study didn't consider the cost of recovery, but will publish an economic analysis of likely costs next year, said Brenda Pierce, the coordinator of the agency's Energy Resources Program.

Energy companies already have identified more than 400 oil and gas fields north of the Arctic Circle. High energy prices and global warming are making the forbidding region more inviting than ever.

Copyright © 2008 The Seattle Times Company

More Nation & World headlines...

E-mail article Print view      Share:    Digg     Newsvine

advertising

Senate Democrats split on health bill's fate

UPDATE - 06:32 PM
SC gov faces 37 charges he broke state ethics laws

U.K. started planning early for war, leaked papers show

Vaccine to kill nicotine buzz now in late tests by small drug firm

India's feeling bruised even before White House visit

Advertising

Video

Real Salt Lake wins MLS Cup
Real Salt Lake defeated the Los Angeles Galaxy with penalty kicks after 120 minutes of play at Qwest Field in Seattle.

Raw Video | Real Salt Lake receives the MLS Cup trophy
Raw Video | Real Salt Lake fans celebrate
Real Salt Lake fans enter Qwest Field
Raw Video | MLS Cup Opening Ceremony
LA Galaxy's David Beckham
Real Salt Lake's Kyle Beckerman
MLS trophy arrives in Seattle
Chittenden Locks Inspection
Full interview with New Moon actors

Marketplace

Advertising