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The Great Arctic Oil Race Begins
from Nature News
"The race is on for positions in the new oil provinces." That starting-gun quote was fired last week by Tim Dodson, executive vice-president of the Norwegian oil and gas company Statoil. The 'new oil provinces' are in the Arctic, which brims with untapped resources amounting to 90 billion barrels of oil, up to 50 trillion cubic metres of natural gas and 44 billion barrels of natural gas liquids, according to a 2008 estimate by the US Geological Survey. That's about 13% of the world's technically recoverable oil, and up to 30% of its gas--and most of it is offshore.
Oil companies see an opportunity to sate the world's demand for fossil fuels. Green groups and many scientists, however, are horrified by the prospect of drilling and production in remote, often ice-choked waters, where spills would be harder to control and clean up than in warmer regions. Memories of the devastating environmental impact of the Exxon Valdez accident in 1989 in Alaska's Prince William Sound are still all too fresh--like the oil that can still be found in the area's beaches.
At last week's Arctic Frontiers conference in Tromsø, Norway, the oil industry insisted that it will be cautious and responsible in extracting oil and gas in the region, and it rolled out an initiative to develop ways of coping with any accidents. Dodson told the meeting that "technology will be there to clean it up."
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