|
|
Article: Scientists describe extensive Arctic oil and gas resources.(United States Geological Survey)
- Article from:
- The Oil Daily
- Article date:
- June 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The US Geological Survey (USGS) estimates that the Arctic Circle could hold more than twice the amount of oil that has already been discovered in the region.
USGS researchers, writing in the journal Science, said the region could hold between 44 billion and 157 billion barrels of undiscovered oil. They pegged their mean resource estimate at 83 billion barrels, which is almost enough to meet current world demand for three years.
The US Energy Information Administration estimates that the world currently uses about 30 billion barrels of oil a year.
The researchers also came up with a mean estimate of 1,550 trillion cubic feet of undiscovered ...