The estimated oil resources in the Arctic will satisfy world consumption for 3 years at current rate, reconstitution after the Exxon Valdez catastrophe is an unfinished business since more than twenty years.
Any drilling well puts the Arctic at risk. In case of an oil spill there is not enough day light during winter, not enough ice-capable vessels for clean-up operations and not enough hotel rooms for volunteers and emergency workers.
The support infrastructure lacks harbors and airports, the Coast Guard helicopters and ice-breaker and contractors high latitude experience. Harsh weather and low temperature are demanding for ...-> continue reading
In 2008 the U.S. Geological Survey (USGS) completed an assessment of undiscovered conventional oil and gas resources in all areas north of the Arctic Circle.
Using a geology-based probabilistic methodology, the USGS estimated the occurrence of undiscovered oil and gas in 33 geologic provinces thought to be prospective for petroleum.
The sum of the mean estimates for each province indicates that 90 billion barrels of oil, 1,669 trillion cubic feet of natural gas, and 44 billion barrels of natural gas liquids may remain to be found in the Arctic, of which approximately 84 percent is expected to occur ...-> continue reading