• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 3 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 1 day Wind droughts
  • 9 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 4 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 18 hours Australian power prices go insane
  • 4 days Xi Is Set To Be Re-Elected As China’s Leader
  • 1 day Europeans and Americans are beginning to see the results of depending on renewables.
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 12 days Oil Prices Fall After Fed Raises Rates
  • 5 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
9 Central And Eastern European Countries Back Ukraine’s NATO Bid

9 Central And Eastern European Countries Back Ukraine’s NATO Bid

Central and Eastern European countries…

The Next Bullish Catalyst For Oil Markets

The Next Bullish Catalyst For Oil Markets

Oil markets were relatively unscathed…

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

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News