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Monday, April 14, 2008
Arctic Ocean Has 400 Billion Barrels of Oil - the Next Saudi Arabia?
Just when we thought that diminishing oil supplies would spur rapid transition to solar and wind power and other non-fossil sources, the Las Vegas-based Arctic Oil & Gas has announced that new geological data on the Arctic Ocean suggests the possible presence of 400 billion barrels of oil.Arctic Oil & Gas cites recent scientific evidence that huge, floating mats of azolla decomposed soon after the age of the dinosaurs and exist today as "vast hydrocarbon resources" trapped in layers of rock below the polar ice cap.
The latest report by the UN Intergovernmental Panel on Climate Change says, as we know, that the ice cap is warming faster than the rest of the planet and ice is receding. The U.S. Geological Survey estimates the Arctic has as much as 25 per cent of the world's undiscovered oil and gas. Moscow reportedly sees the potential of minerals in its slice of the Arctic sector approaching $2 trillion. Major petroleum companies are now focusing research and exploration on the far north. In 2004, Russian President Vladimir Putin called the sovereignty issue "a serious, competitive battle" that "will unfold more and more fiercely.
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Labels: Energy-Environment-Engineering, Geo-Sciences
PermaLink - Arctic Ocean Has 400 Billion Barrels of Oil - the Next Saudi Arabia? posted by Ecacofonix : 5:30 AM
