Last Week In Petroleum - Dec. 21, 2011
THIS WEEK IN PETROLEUM REPORT RELEASE – December 21, 2011
Arctic Oil and Natural Gas Potential
According to an assessment conducted by the U.S. Geological Survey (USGS), the Arctic holds an estimated 13 percent (90 billion barrels) of the world's undiscovered conventional oil resources and 30 percent of its undiscovered conventional natural gas resources. While risks associated with economics, the region's harsh environment, and ongoing territorial disputes are considerable, potential rewards are immense.