Vast Oil, Natural Gas Reserves Estimated In Arctic

By: Associated Press Email
By: Associated Press Email

Washington (AP) The U.S. Geological survey says some 90 billion barrels of oil and nearly a third of the world's undiscovered natural gas sits untapped under an area north of the Arctic Circle.

The area accounts for about a fifth of the world's undiscovered, technically recoverable oil and natural gas reserves.

The oil is considered “technically recoverable” using existing technology. However, the cost of overcoming obstacles to drilling, such as permanent sea ice or deep ocean waters, isn't taken into consideration in the report.

The USGS estimates about 84 percent of the undiscovered oil and gas is offshore, but most of it is still close enough to land to fall under national territorial claims.

Much of the oil is off the coast of Alaska or in Russian provinces.


KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.

powered by Disqus
KKCO NBC 11 News 2531 Blichmann Avenue Grand Junction, CO 81505 Station Phone: 970.243.1111 Business Fax: 970.243.1770 Newsroom Fax: 970.245.3793 News Tip & Contest Line: 970.255.8477
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 25858709 - nbc11news.com/a?a=25858709