The Arctic may contain as much as a fifth of the world's yet to-be-discovered oil and natural gas reserves, the United States Geological Survey said Wednesday as it unveiled the largest-ever survey of petroleum resources north of the Arctic Circle. Oil companies have long suspected that the Arctic contained substantial energy resources, and have been spending billions recently to get their hands on tracts for exploration. As melting ice caps have opened up prospects that were once considered too harsh to explore, a race has begun among Arctic nations, including the United States, Russia, and Canada, for control of these resources. The geological agency's survey largely vindicates the rising interest. It suggests that most of the yet-to-be found resources are not under the North Pole but much closer to shore, in regions that are not subject to territorial dispute. "For a variety of reasons, the possibility of oil and gas exploration in the Arctic has become much less hypothetical than it once was," Donald Gautier, the chief geologist for the survey, said during a news conference Wednesday. "Most of the resources are on the continental shelf in areas already under territorial claims."
The Arctic may contain as much as a fifth of the world's yet to-be-discovered oil and natural gas reserves, the United States Geological Survey said Wednesday as it unveiled the largest-ever survey of petroleum resources north of the Arctic Circle.
Oil companies have long suspected that the Arctic contained substantial energy resources, and have been spending billions recently to get their hands on tracts for exploration. As melting ice caps have opened up prospects that were once considered too harsh to explore, a race has begun among Arctic nations, including the United States, Russia, and Canada, for control of these resources.
The geological agency's survey largely vindicates the rising interest. It suggests that most of the yet-to-be found resources are not under the North Pole but much closer to shore, in regions that are not subject to territorial dispute.
"For a variety of reasons, the possibility of oil and gas exploration in the Arctic has become much less hypothetical than it once was," Donald Gautier, the chief geologist for the survey, said during a news conference Wednesday. "Most of the resources are on the continental shelf in areas already under territorial claims."
NEW YORK: The race for petroleum resources above the Arctic Circle is likely to speed up in coming years, as the polar ice cap melts and access to oil and gas reserves in many other places around the world becomes more challenging. The lure of the Arctic as oil's next big frontier was vindicated this week as a major geological survey found the region might hold as much as a fifth of the world's yet to-be-discovered oil and natural gas reserves. Many of these new resources, according to the survey, are to be found in Russia. If true, that would cement Russia's position as one of the world's dominant energy players, particularly for natural gas, and increase its already powerful clout over Europe's energy supplies. As the melting polar caps open up prospects that were once considered too harsh to explore, a race has begun among countries including the United States, Russia and Canada for control of these Arctic resources. The findings by the United States Geological Survey, which constitute the largest-ever survey of petroleum resources north of the Arctic Circle, could accelerate this scramble.
NEW YORK: The race for petroleum resources above the Arctic Circle is likely to speed up in coming years, as the polar ice cap melts and access to oil and gas reserves in many other places around the world becomes more challenging.
The lure of the Arctic as oil's next big frontier was vindicated this week as a major geological survey found the region might hold as much as a fifth of the world's yet to-be-discovered oil and natural gas reserves.
Many of these new resources, according to the survey, are to be found in Russia. If true, that would cement Russia's position as one of the world's dominant energy players, particularly for natural gas, and increase its already powerful clout over Europe's energy supplies.
As the melting polar caps open up prospects that were once considered too harsh to explore, a race has begun among countries including the United States, Russia and Canada for control of these Arctic resources. The findings by the United States Geological Survey, which constitute the largest-ever survey of petroleum resources north of the Arctic Circle, could accelerate this scramble.
I was wondering about that myself.
