NAMI News
The latest trinational news.Thursday, July 24, 2008
Survey finds oil bonanza in Arctic.
National Post, July 23, 2008 - “The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said. One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released Wednesday. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2% of the Arctic’s crude, the U.S. report showed. Energy producers such as Royal Dutch Shell PLC and Chevron Corp. have accelerated exploration of the northernmost regions for untapped reserves amid record prices and receding access to deposits in more hospitable climates. Russia’s move to scrap a United Nations convention and carve out an exclusive Arctic zone sparked protests from Canada, the U.S., Norway and Denmark.” Read more.
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