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A melting Arctic could be good news for mankind, according to a new study.  (Source: SciAddict)

An earlier map of the USGS estimates of untapped Arctic gas reserves. Brighter areas indicate more gas.  (Source: USGS)

A similar map shows oil reserves, here the darker regions represent regions more rich in probable oil deposits.  (Source: USGS)
New study shows yet another potential benefit of a warmer planet

A new study adds to growing evidence that the current warming cycle may hold potential benefits to mankind.  According to a study by the U.S. Geological Survey, earlier estimates which placed untapped Arctic oil reserves at as much as 90 billion barrels actually fell short -- the Arctic may in fact hold as many as 160 billion barrels of oil.  The new discovery amounts to over 35 years in US foreign oil imports or 5 years’ worth of global oil consumption.   Canada, Greenland/Denmark, Norway, Russia and the United States, all of which border the Arctic Circle are racing to compete for the untapped resource.

The oil reserves could fetch a price of $10.6 trillion dollars at current oil prices.  Most of the reserves are in shallow waters -- less than 500 meters (about 1/3rd of a mile) -- making extraction relatively easy.  Geologist Donald Gautier comments, "It would not mean that there would be any kind of a significant shift in global oil balance.  But this is especially significant for the Arctic nations."

Oil companies are already racing to pinpoint deposits and begin to tap this bountiful resource.  Exxon Mobil and several others have staked claims and began drilling in the Mackenzie Delta, the Barents Sea, the Sverdrup Basin, and offshore Alaska.   According to Alan Jeffers, a spokesperson for Exxon Mobil, "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."

As rich as the Arctic may be in oil, it may hold even more natural gas.  While the geologists estimate 13 percent of the world's undiscovered oil lies in the region, they also estimate that the region holds 30 percent of the planet's undiscovered natural gas reserves.  Natural gas harvested in the region could be used for a variety of purposes including home heating and power generation.

The discoveries are part of an ongoing USGS study CARA -- Circum-Arctic Resource Appraisal.  The study is the first of its kind as researchers are using advanced geological analysis and probability modeling to estimate the reserves held in the Arctic shelves.  While probabilistic models come with a degree of uncertainty, this multidiscipline approach is yielding exciting results and has already led to the discovery of several major deposits.

Despite the potential gains to economic and national security gains that could come from tapping this resource, environmentalists are seeking to block oil companies from drilling in the region, complaining it will release arsenic, mercury and lead into the ocean waters.  All of these compounds naturally occur in low quantities in sea water.  Activist Lisa Speer, Director of the International Oceans Program at the Natural Resources Defense Council, in a CNN.com interview adds, "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."



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global warming
By TSS on 6/1/2009 8:14:03 AM , Rating: 5
it's funny to see so little comments on global warming compared to other comments (then again, this isn't a mick article). especially since now, it actually applies.

i was reading up on CO2 on wikipedia, and it had a small section on global warming for oh, the past 65 million years. appearantly there was a bigass drop of CO2 around 47-49 million years ago, called the "azolla-event". which made atmospheric CO2 concentrations drop from 3500ppm to 600ppm (today, it's about 385ppm):

http://en.wikipedia.org/wiki/Azolla_Event

the last paragraph's interesting:

quote:
Much of the current interest in oil exploration in the Arctic regions, ironically made possible by global warming, is directed towards the Azolla deposits. The burial of large amounts of organic material provides the source rock for oil, so given the right thermal history, the preserved Azolla blooms might have been converted to oil or gas. While this does mean that much money is available for the study of this event — a centre having been set up in the Netherlands devoted to Azolla — the use of these fossil fuels may reverse the climate change caused by Azolla.


thoughts? idea's? flames? :P




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