• 2 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 4 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 hours VW Fails To Secure Critical Commodity For EVs
  • 6 hours Enbridge Pipeline Expansion Finally Approved
  • 7 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 8 hours OPEC Oil Deal Compliance Falls To 86%
  • 24 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Who’s Winning The Electric Vehicle Race?

Who’s Winning The Electric Vehicle Race?

Automakers and suppliers of automotive…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Scientists Worried by the Rush to Develop Arctic Oil and Gas Resources

The Arctic is a goldmine of untapped resources. According to a 2008 estimate by the US Geological Survey it boasts 90 billion barrels of oil (13% of the world’s recoverable oil reserves), up to 50 trillion cubic metres of natural gas (about 30% of the world’s natural gas reserves), and 44 billion barrels of natural gas liquids.

Decisions are being made as to when the oil majors should be unleashed upon this pristine environment. As Tim Dodson, executive vice-president of the Norwegian oil and gas company Statoil, said, “The race is on for positions in the new oil provinces.”

The oil companies see the Arctic as an opportunity to supply the worlds demand for fossil fuels for many years to come, but environmental activists are horrified by the prospect of drilling in such a beautiful, remote and often dangerous region.

Oil spills are far harder to clean up in icy waters as proven by the Exxon Valdez accident in 1989 in Alaska’s Prince William Sound, where oil can still be found today along the beaches and coastline, but Dodson assures that this time the “technology will be there to clean it (any spilt oil) up”.

The oil industry is trying to comfort any opposition by promising that they will be cautious and responsible whilst working in the region. Joseph Mullin, a London-based programme manager at the International Association of Oil and Gas Producers, has admitted that “we realize there are huge issues when working in the cold and darkness and in the presence of sea ice in areas at great distance from any infrastructure.”

However critics are still alarmed by the rate at which everything seems to be progressing. Last week a group of 573 scientists wrote to President Barack Obama, pleading caution in the authorisation of any gas and oil activity in the Arctic Ocean North of Alaska, and claiming that more research is still needed. Vladimir Chuprov, a Moscow-based energy expert who works for Greenpeace, said that, “In our view no company is ready for offshore oil projects in the Arctic Ocean.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News