FROM THE WALL STREET JOURNAL
Region Boasts Vast Reserves,
But Conditions Could Stunt
Development for Decades
By IAN TALLEY
July 11, 2006; Page A10
OSLO — Major energy companies are making billion-dollar bets in the world’s frozen Arctic regions as they seek to tap vast deposits of oil and natural gas. But they face some of the harshest conditions on Earth, presenting formidable challenges and likely constraining development for decades.
The Arctic has almost 108 billion barrels of proven discovered oil and natural gas, or roughly 40% of Saudi Arabia’s total reserves, and the U.S. Geological Survey estimates it could hold 25% of the world’s undiscovered petroleum resources. As a result, Statoil ASA of Norway, Royal Dutch Shell PLC and other oil companies are expected to pour $3.5 billion into field-development drilling alone over the next four years. read more
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