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World’s arctic oil, gas estimates up 8.5%


Published Apr 15, 2008
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The best estimate of undiscovered natural resources still remaining in the Arctic have gone up 8.5 percent, an Oslo conference on Arctic oil and gas heard on Tuesday.

The old, Year 2000 estimate by the U.S. Geological Survey suggesting 25 percent of the world’s remaining natural resources lie in the Arctic have been quietly revised upward by about 36 billion barrels, according to consultancy Ocean Futures.

The Arctic regions of Alaska, Canada, Norway and Russia are now believed to contain 459.3 billion barrels of oil equivalent: 195.8 B boe of oil and 459.3 B boe of gas.

Scandoil.com affiliate, Scandinavian Oil-Gas Magazine is an official sponsor of IBC's Arctic Oil & Gas 2008 Conference in Oslo today and tomorrow.



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