Future of Engineering
Sunday, April 6, 2008
Arctic Oil & Gas Lays Atrocious Claim to All Arctic Ocean Oil
Las Vegas-based Arctic Oil & Gas has controversially laid claim to nearly all of the Arctic Ocean's undersea oil , and has said that new geological data suggests a "potentially vast" petroleum resource of 400 billion barrels. That figure is backed by some professional research. The world consumes about 26 billion barrels per annum, so that's 15 years of world demand.
According to the US Geological Survey, the region may contain 25 percent of the world's remaining oil and gas reserves. Global warming is melting much of the Arctic's ice cover, and this has raised the possibility of increased shipping and oil and gas exploration. Now you can understand why there is such a rush of action to lay claim to this territory.
The Las Vegas company has raised eyebrows around the world with its bid to lock up exclusive rights to extract oil and gas from rapidly melting areas of the central Arctic Ocean, currently beyond the territorial control of Canada, Russia and other polar nations. The company has filed a claim with the United Nations to act as the sole "development agent" of Arctic seabed oil and gas.
While acknowledging that the Arctic's petroleum deposits are the "common heritage of mankind," the firm has argued that the polar region requires a private "lead manager" to organize a multinational consortium of oil companies to extract undersea resources responsibly and equitably. The Canadian government is not amused, and has dismissed the company's claim as having no force in law, but experts are still concerned the firm's actions.
All these concerns have not deterred the Las Vegas company from forging ahead on its ambitious explaoration plans. The company recently announced that it expects its success in locating hydrocarbons to focus on Marine Magneto-Tellurics (MMT), a form of electromagnetic (EM) data acquisition technology. The MMT data will be combined with seismic data to produce a hydrocarbon map or model of the targeted region.
It also recently invited major oil companies from Canada, Norway and Denmark to join the Arctic Consortium to explore and develop the Arctic Commons Abyssal property.
You can find some more on this from here , here, here, and here
For those wanting to know more about the Arctic Ocean, here is the resource from our beloved Wikipedia
According to the US Geological Survey, the region may contain 25 percent of the world's remaining oil and gas reserves. Global warming is melting much of the Arctic's ice cover, and this has raised the possibility of increased shipping and oil and gas exploration. Now you can understand why there is such a rush of action to lay claim to this territory.
The Las Vegas company has raised eyebrows around the world with its bid to lock up exclusive rights to extract oil and gas from rapidly melting areas of the central Arctic Ocean, currently beyond the territorial control of Canada, Russia and other polar nations. The company has filed a claim with the United Nations to act as the sole "development agent" of Arctic seabed oil and gas.
While acknowledging that the Arctic's petroleum deposits are the "common heritage of mankind," the firm has argued that the polar region requires a private "lead manager" to organize a multinational consortium of oil companies to extract undersea resources responsibly and equitably. The Canadian government is not amused, and has dismissed the company's claim as having no force in law, but experts are still concerned the firm's actions.
All these concerns have not deterred the Las Vegas company from forging ahead on its ambitious explaoration plans. The company recently announced that it expects its success in locating hydrocarbons to focus on Marine Magneto-Tellurics (MMT), a form of electromagnetic (EM) data acquisition technology. The MMT data will be combined with seismic data to produce a hydrocarbon map or model of the targeted region.
It also recently invited major oil companies from Canada, Norway and Denmark to join the Arctic Consortium to explore and develop the Arctic Commons Abyssal property.
You can find some more on this from here , here, here, and here
For those wanting to know more about the Arctic Ocean, here is the resource from our beloved Wikipedia
Labels: Energy-Environment-Engineering
PermaLink - Arctic Oil & Gas Lays Atrocious Claim to All Arctic Ocean Oil posted by Ecacofonix : 6:28 AM
