Survey: Arctic may hold twice the oil previously found there

updated 1 hour, 39 minutes ago

Story Highlights

• The Arctic could hold almost double the amount of oil previously found in the region
  
• U.S. Geological Survey did the first-ever broad assessment of the region's reserves
  
• Arctic may be home to 30 percent of the planet's undiscovered natural gas reserves
  
• Conservationists say oil and gas extraction could have dire effects on the ecosystem
  

By Azadeh Ansari

CNN

A new survey finds the Arctic could hold almost double the amount of oil previously found in the region.

(CNN) -- Continental shelves beneath the retreating polar ice caps of the Arctic may hold almost double the amount of oil previously found in the region, scientists say.

In new findings, the U.S. Geological Survey estimates the Arctic may be home to 30 percent of the planet's undiscovered natural gas reserves and 13 percent of its undiscovered oil.

A team of scientists at the USGS collaborated with international researchers to conduct the first-ever comprehensive assessment of undiscovered oil and gas reserves within the Arctic Circle.

"We tried to put some boundaries on the range of possibilities and resources available in the Arctic," said geologist Donald Gautier, lead author of the survey, which is published this week in the journal Science.

Using geological analysis and probability modeling, researchers mapped out sedimentary rock deposits to estimate the amount of undiscovered oil and gas beneath undersea continental shelves. This survey, the first of its kind, could help oil and gas companies locate new troves of fossil fuels.

Researchers say that deep ocean basins have relatively low petroleum potential, but the Arctic is one of the world's largest remaining areas where oil and gas are accessible. Most of the reserves are projected to be in less than 500 meters of water -- roughly a third of a mile deep.

Undiscovered oil in the Arctic may account for almost 4 percent of the world's remaining conventionally recoverable oil resources, USGS scientists say.

"It would not mean that there would be any kind of a significant shift in global oil balance," Gautier said. "But this is especially significant for the Arctic nations."

Nations whose borders lie within the Arctic Circle are Canada, Greenland/Denmark, Norway, Russia and the United States. Although it's closer to North America, Greenland is considered part of the Kingdom of Denmark.

If significant quantities of oil were found off the coast of northeast Greenland, for example, that could mean the difference between Greenland becoming independent from Denmark or not, Gautier said.

"Based on our study, there are 40 [billion] to 160 billion barrels of oil north of the Arctic Circle," said Gautier. The USGS had previously estimated the Arctic is home to 90 billion barrels of oil.

The Energy Information Administration, a division of the Department of Energy, estimates that the world currently uses 30 billion barrels of oil a year.

Offshore oil exploration in the Arctic is still in its infancy, but ExxonMobil and other oil companies already have staked their claim and started drilling in the Mackenzie Delta, the Barents Sea, the Sverdrup Basin, and offshore Alaska.

"It makes sense to diversify sources of oil and gas, given that the U.S. is one of the biggest consumers of oil and gas," said Alan Jeffers, a spokesperson for ExxonMobil.

"We support public policy efforts that provide greater access to these resources. We think that the energy is needed for the country's needs, and would help improve energy security and supplies," he added.

But conservationists say more oil and gas extraction could have dire effects on the Arctic's fragile ecosystems, especially since many of the resources are controlled by countries and exempt from international environmental laws.

Drilling for oil in some areas of the Arctic could cause toxins such as arsenic, mercury and lead to be released into ocean waters, said Lisa Speer, Director of the International Oceans Program at the Natural Resources Defense Council.

"We need uniform, mandatory standards governing offshore oil and gas activity in the Arctic because activity in one country has the potential to affect the environment of the Arctic far beyond the country of origin," Speer said.

The assessment also projects that the Arctic's vast natural gas reserves will strengthen Russia's status as the world's largest producer of natural gas, Gautier said.

The USGS survey does not address the economic risks or technological challenges of extracting the Arctic's oil and gas.

"As new data become apparent, our understanding of the resources in the Arctic can change," said Gautier.

From ChannelNewsAsia.com; see the source article here.

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Survey: Arctic may hold twice the oil previously found there

updated 1 hour, 39 minutes ago

Story Highlights

• The Arctic could hold almost double the amount of oil previously found in the region
  
• U.S. Geological Survey did the first-ever broad assessment of the region's reserves
  
• Arctic may be home to 30 percent of the planet's undiscovered natural gas reserves
  
• Conservationists say oil and gas extraction could have dire effects on the ecosystem
  

By Azadeh Ansari

CNN

A new survey finds the Arctic could hold almost double the amount of oil previously found in the region.

(CNN) -- Continental shelves beneath the retreating polar ice caps of the Arctic may hold almost double the amount of oil previously found in the region, scientists say.

In new findings, the U.S. Geological Survey estimates the Arctic may be home to 30 percent of the planet's undiscovered natural gas reserves and 13 percent of its undiscovered oil.

A team of scientists at the USGS collaborated with international researchers to conduct the first-ever comprehensive assessment of undiscovered oil and gas reserves within the Arctic Circle.

"We tried to put some boundaries on the range of possibilities and resources available in the Arctic," said geologist Donald Gautier, lead author of the survey, which is published this week in the journal Science.

Using geological analysis and probability modeling, researchers mapped out sedimentary rock deposits to estimate the amount of undiscovered oil and gas beneath undersea continental shelves. This survey, the first of its kind, could help oil and gas companies locate new troves of fossil fuels.

Researchers say that deep ocean basins have relatively low petroleum potential, but the Arctic is one of the world's largest remaining areas where oil and gas are accessible. Most of the reserves are projected to be in less than 500 meters of water -- roughly a third of a mile deep.

Undiscovered oil in the Arctic may account for almost 4 percent of the world's remaining conventionally recoverable oil resources, USGS scientists say.

"It would not mean that there would be any kind of a significant shift in global oil balance," Gautier said. "But this is especially significant for the Arctic nations."

Nations whose borders lie within the Arctic Circle are Canada, Greenland/Denmark, Norway, Russia and the United States. Although it's closer to North America, Greenland is considered part of the Kingdom of Denmark.

If significant quantities of oil were found off the coast of northeast Greenland, for example, that could mean the difference between Greenland becoming independent from Denmark or not, Gautier said.

"Based on our study, there are 40 [billion] to 160 billion barrels of oil north of the Arctic Circle," said Gautier. The USGS had previously estimated the Arctic is home to 90 billion barrels of oil.

The Energy Information Administration, a division of the Department of Energy, estimates that the world currently uses 30 billion barrels of oil a year.

Offshore oil exploration in the Arctic is still in its infancy, but ExxonMobil and other oil companies already have staked their claim and started drilling in the Mackenzie Delta, the Barents Sea, the Sverdrup Basin, and offshore Alaska.

"It makes sense to diversify sources of oil and gas, given that the U.S. is one of the biggest consumers of oil and gas," said Alan Jeffers, a spokesperson for ExxonMobil.

"We support public policy efforts that provide greater access to these resources. We think that the energy is needed for the country's needs, and would help improve energy security and supplies," he added.

But conservationists say more oil and gas extraction could have dire effects on the Arctic's fragile ecosystems, especially since many of the resources are controlled by countries and exempt from international environmental laws.

Drilling for oil in some areas of the Arctic could cause toxins such as arsenic, mercury and lead to be released into ocean waters, said Lisa Speer, Director of the International Oceans Program at the Natural Resources Defense Council.

"We need uniform, mandatory standards governing offshore oil and gas activity in the Arctic because activity in one country has the potential to affect the environment of the Arctic far beyond the country of origin," Speer said.

The assessment also projects that the Arctic's vast natural gas reserves will strengthen Russia's status as the world's largest producer of natural gas, Gautier said.

The USGS survey does not address the economic risks or technological challenges of extracting the Arctic's oil and gas.

"As new data become apparent, our understanding of the resources in the Arctic can change," said Gautier.

From ChannelNewsAsia.com; see the source article here.

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• US Scientists Say Burning Ice Could Provide Green Power (cleantechnica.com)
• Oil Companies Reluctant to Follow Obama's Green Lead (nytimes.com)
• Coastal Energy Announces Significant Reserves Upgrade: 2P Reserves Increase to 62.2 mmboe (newswire.ca)
• Ultra Petroleum Reports First Quarter 2009 Financial and Operating Results, Updates 2010 and 2011 Hedges (newswire.ca)
• Report Weighs Fallout of Canada's Oil Sands (nytimes.com)
• Imperial to go ahead with $8B Kearl project (financialpost.com)
• Obama's Bias Against Oil and Gas (financegeek.com)
• Opposition grows to Norway's Arctic oil search (guardian.co.uk)
• T. Boone Pickens: Break Our Foreign Oil Addiction With Natural Gas (usnews.com)

China to go solar

ENERGY POLICY

BEIJING — China is to throw its economic might behind a national solar power plan that could result in it becoming one of the world's biggest harvesters of the sun's energy.

The government body responsible for overseeing energy policy has finalised a proposal for billions of dollars of incentives for solar farms and rooftop panels. Once approved, it is expected to give a boost to the domestic solar power market, which has lagged behind China's wind, nuclear and hydroelectric power investments.

China is the world's leading manufacturer of photovoltaic (PV) panels, which turn sunlight into electricity. But 95 per cent of these are exported. However, the increasing concerns about climate change and energy security have changed attitudes.

Since last year, a glut in supply of PV panels has pushed prices down by more than 30 per cent. To widen China's energy base, the plan is expected to include the biggest boost for solar power ever, along with extra spending and policy support for nuclear, wind and biomass power.

By 2020, the government is committed to raising the share of renewable energy (excluding hydroelectric power) in the mix to 6 per cent, from the current 1.5 per cent.

Mr Julian Wong, a Washington-based energy analyst, said 2009 was shaping up to be the year of solar power in China. "The unique confluence of lower productions costs and decreased overseas demand means the cost of going solar is lower than ever and makes it an opportune time to make a policy push for domestic solar deployment," he noted.

China is still expected to remain dependent on coal for about 70 per cent of its energy needs for at least the next two decades, meaning it will remain the world's biggest emitter of carbon dioxide. The Guardian

From TODAYOnline.com, World News – Thursday, 28-May-2009; see the source article here.

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China to go solar

ENERGY POLICY

BEIJING — China is to throw its economic might behind a national solar power plan that could result in it becoming one of the world's biggest harvesters of the sun's energy.

The government body responsible for overseeing energy policy has finalised a proposal for billions of dollars of incentives for solar farms and rooftop panels. Once approved, it is expected to give a boost to the domestic solar power market, which has lagged behind China's wind, nuclear and hydroelectric power investments.

China is the world's leading manufacturer of photovoltaic (PV) panels, which turn sunlight into electricity. But 95 per cent of these are exported. However, the increasing concerns about climate change and energy security have changed attitudes.

Since last year, a glut in supply of PV panels has pushed prices down by more than 30 per cent. To widen China's energy base, the plan is expected to include the biggest boost for solar power ever, along with extra spending and policy support for nuclear, wind and biomass power.

By 2020, the government is committed to raising the share of renewable energy (excluding hydroelectric power) in the mix to 6 per cent, from the current 1.5 per cent.

Mr Julian Wong, a Washington-based energy analyst, said 2009 was shaping up to be the year of solar power in China. "The unique confluence of lower productions costs and decreased overseas demand means the cost of going solar is lower than ever and makes it an opportune time to make a policy push for domestic solar deployment," he noted.

China is still expected to remain dependent on coal for about 70 per cent of its energy needs for at least the next two decades, meaning it will remain the world's biggest emitter of carbon dioxide. The Guardian

From TODAYOnline.com, World News – Thursday, 28-May-2009; see the source article here.

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Five stations open today

Kids, this is your future… slowly unfolding before your eyes. And not only for the kids, but for all benefactors, commuting should now be easier – and better. With the interlinking done, there is no need to round the loop, but taking the shortcut will help a lot!

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They are Marymount, Bishan, Lorong Chuan, Serangoon and Bartley

Neo Chai Chin, chaichin@mediacorp.com.sg

DPM Teo Chee Hean (centre) with LTA's chief executive Yam Ah Mee (left) and group director (Circle and Downtown Line) Sim Wee Meng yesterday. Wee Teck Hian

FIVE Circle Line (CCL) MRT stations throw open their turnstiles today to fare-paying commuters, and operator SMRT is quietly confident that operations will go smoothly, thanks to trial runs that started in March.

The five stations — Marymount, Bishan, Lorong Chuan, Serangoon and Bartley — are expected to cater to 55,000 passengers daily.

Operations control centre staff are "familiar with the systems and ready for revenue service", said an SMRT spokesperson. SMRT will also donate takings from the CCL's first 22 days of service to its Silver Tribute Fund for the elderly, said president and chief executive Saw Phaik Hwa at its official opening yesterday.

Ms Saw expects $400,000 to $500,000 to be raised. The opening is the "biggest event" since SMRT started with the opening of the East West and North South lines 22 years ago.

The 5.7-km segment of the CCL will be a boon for residents like Mr Ng Kim Eng, 62. The grassroots leader said Braddell Heights residents can now get to Bishan Junction 8 in four minutes — a quarter of the time it took by bus previously.

When the remaining 24 stations of the CCL open from next year on, up to half a million commuters will benefit, said guest of honour and Deputy Prime Minister Teo Chee Hean.

Giving an update of the CCL's progress, the Land Transport Authority said tunnelling of the 33.3km line is 98 per cent done. Six stations have received Temporary Occupation Permits, 10 are undergoing architectural, electrical and mechanical works, and two — West Coast and Labrador Park — are in the excavation stage.

SMRT's staff uniforms — timed to coincide with the CCL opening — have also been changed to red and black as part of a periodic renewal.

From TODAYOnline.com, Singapore News – Thursday, 28-May-2009; see the source article here.

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