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U.S. firm lays claim to 'potentially vast' Arctic oil resources[400Bil Barrels]
The Ottawa Citizen ^ | 21 Mar 2008 | Randy Boswell

Posted on 03/26/2008 5:29:48 PM PDT by BGHater

U.S. firm lays claim to nearly all of what it says will be 400 billion barrels

A U.S.-based company that has controversially laid claim to nearly all of the Arctic Ocean's undersea oil said yesterday that new geological data suggest a "potentially vast" petroleum resource of 400 billion barrels.

That figure is backed by a respected Canadian researcher who recently signed on as the firm's chief scientific adviser.

Las Vegas-based Arctic Oil & Gas has raised eyebrows around the world with its roll-of-the-dice bid to lock up exclusive rights to extract oil and gas from rapidly melting areas of the central Arctic Ocean, currently beyond the territorial control of Canada, Russia and other polar nations.

The company, which counts retired B.C. senator Edward Lawson among its directors, has filed a claim with the United Nations to act as the sole "development agent" of Arctic seabed oil and gas.

The firm acknowledges that the Arctic's petroleum deposits are the "common heritage of mankind," but has argued that the polar region requires a private "lead manager" to organize a multinational consortium of oil companies to extract undersea resources responsibly and equitably.

The Canadian government has dismissed the company's "alleged claim" over Arctic oil as having "no force in law," but experts in polar issues have raised alarms about the firm's actions, saying they could disrupt efforts to create an orderly regime for exploiting resources and protecting the Arctic environment under international law rather than a marketplace model.

In its latest statement about the polar seabed's "enormous reserve potential" for petroleum deposits, Arctic Oil & Gas cites recent scientific evidence that huge, floating mats of azolla -- a prehistoric fern believed to have covered much of the Arctic Ocean during a planetary hothouse era about 55 million years ago -- decomposed soon after the age of the dinosaurs and exist today as "vast hydrocarbon resources" trapped in layers of rock below the polar ice cap.

Jonathan Bujak, a former geoscientist with the Geological Survey of Canada who now works as a private consultant in Canada and Britain, is described in the Arctic Oil & Gas statement as confirming the "highly probable validity" of recent research pointing to rock layers "extremely rich" in "hydrocarbon precursors" throughout the Arctic basin.

Mr. Bujak, who previously worked for PetroCanada as a petroleum geologist, co-authored a landmark 2006 study in the journal Nature that first detailed the ancient azolla explosion that shows up today in Arctic seabed core samples.

Neither Mr. Bujak nor Mr. Lawson could be reached for comment yesterday.

Scientists have predicted that global warming could leave the entire Arctic virtually ice-free for months at a time within 20 years. That prospect has hastened a scramble among nations with a polar coast -- namely Canada, Russia, the U.S., Norway and Denmark, which controls Greenland -- to try to strengthen their scientific claims under the UN Convention on the Law of the Sea to extended territorial sovereignty over the Arctic Ocean floor.

A report issued last week by the European Union's top two foreign policy officials also highlighted the looming international struggle over Arctic oil deposits.

Authored by Javier Solana, the EU's foreign policy chief, and Benita Ferrero-Waldner, Europe's commissioner for external relations, the study pointed to "potential consequences for international stability and European security interests" as the retreat of Arctic ice makes shipping and oil and gas exploration a reality in the region.

Noting the "rapid melting of the polar ice caps," the report noted that "the increased accessibility of the enormous hydrocarbon resources in the Arctic region is changing the geo-strategic dynamics of the region."


TOPICS: Business/Economy; Canada; Foreign Affairs
KEYWORDS: artic; energy; ocean; oil
'The company, which counts retired B.C. senator Edward Lawson among its directors, has filed a claim with the United Nations to act as the sole "development agent" of Arctic seabed oil and gas.'

Is that all? Heh.

1 posted on 03/26/2008 5:29:50 PM PDT by BGHater
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To: BGHater
"Las Vegas-based Arctic Oil & Gas"

Sounds on the 'Up and Up'!!

2 posted on 03/26/2008 5:31:22 PM PDT by Anti-Bubba182
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To: BGHater

global warming FTW!


3 posted on 03/26/2008 5:31:40 PM PDT by miliantnutcase
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To: BGHater

Can we tell Russia, Saudi Arabia and Venezuela to go shove it now?


4 posted on 03/26/2008 5:34:03 PM PDT by wastedyears (The US Military is what goes Bump in the night.)
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To: BGHater

“Filed a claim with the UN?”


5 posted on 03/26/2008 5:35:05 PM PDT by wastedyears (The US Military is what goes Bump in the night.)
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To: Anti-Bubba182
On the Web
6 posted on 03/26/2008 5:38:49 PM PDT by PeaceBeWithYou (De Oppresso Liber! (50 million and counting in Afganistan and Iraq))
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To: wastedyears

Got the OK from GREEN PEACE?


7 posted on 03/26/2008 5:40:57 PM PDT by unkus
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To: wastedyears

Got the OK from GREEN PEACE?


8 posted on 03/26/2008 5:41:01 PM PDT by unkus
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To: BGHater
Las Vegas-based Arctic Oil & Gas

LOL. Yeah, a Los Vegas casino based oil company. What could possibly go wrong with this investment? Exclusive photo of the Board of Directors:


9 posted on 03/26/2008 5:41:24 PM PDT by FormerACLUmember (When the past no longer illuminates the future, the spirit walks in darkness.)
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To: wastedyears

There is a treaty of some sort between the nations bordering the Artic keeping it neutral. There is a continental shelf provision that Russia started pursuing last year. I wouldn’t go investing tons of money in Las Vegas “Arctic Oil & Gas” just yet.


10 posted on 03/26/2008 5:41:49 PM PDT by eyedigress
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To: wastedyears

What does Gore say? You must get the ok from the Keeper of the Earth.


11 posted on 03/26/2008 5:43:16 PM PDT by chuckles
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To: PeaceBeWithYou

Lol!


12 posted on 03/26/2008 5:46:45 PM PDT by Anti-Bubba182
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To: BGHater

Hmmm, same size as the Bakken Shale. Together, that’s 800 BILLION barrels.


13 posted on 03/26/2008 5:47:45 PM PDT by stboz
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To: BGHater

Law of the Sea Treaty, here we come. You just know this was filed to stampede folks into accepting this treaty. I do not recognize the U.N. and neither should our government.

As for this jackass corporation, nobody said it would guarantee the U.S. anything. It’s a corporation and it can sell it’s goods anywhere it likes.


14 posted on 03/26/2008 5:48:21 PM PDT by DoughtyOne (New Europe, John Benedict Arnold McCain's bridge to 07/03/1776. Not even our past is safe.)
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To: BGHater
That's just fine.That company could have found a three trillion barrel reserve and I guarantee the Tree huggers and the U.S. Government would not allow them to pump one gallon of oil out of the ground. Thats how sick these liberal environmental wackos are.

If it were not for them we would not have these high energy prices that we have today.

15 posted on 03/26/2008 5:50:59 PM PDT by puppypusher (The world is going to the dogs.)
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To: BGHater

described in the Arctic Oil & Gas statement as confirming the “highly probable validity” of recent research pointing to rock layers “extremely rich” in “hydrocarbon precursors”

Huh!...”highly probable validity” of “hydrocarbon precursors”...translated: maybe, possibly, could have a chance of a pile of dead seaweed.


16 posted on 03/26/2008 6:01:48 PM PDT by RouxStir (No Peeing Allowed in the Gene Pool.)
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To: BGHater

I suppose there may be a time within the next 20 years when the Arctic may be ice-free for months, but judging from the above, it doesn't appear it will happen this year...

17 posted on 03/26/2008 6:02:13 PM PDT by Gulf War One
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To: BGHater

then damnit start drilling....


18 posted on 03/26/2008 6:06:01 PM PDT by television is just wrong
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To: BGHater
IIRC the russians already claim it. They even went so far as to drop a russian flag in a capsule in the ocean over there.

Funny posturing going on.

19 posted on 03/26/2008 6:07:21 PM PDT by ketsu
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To: eyedigress

Russia sent a submarine to the North Pole sea bed and stuck a flag there, to claim it as Russia’s sole territory.

We in the U.S. pointed out that was done on the Moon’s surface back in 1969, and maybe Russia should reconsider their claim.

Alaska has Arctic Sea shoreline. We shouldn’t need any stinkin’ UN approval to drill for “avolla” derived petroleum.


20 posted on 03/26/2008 6:07:26 PM PDT by SatinDoll (Desperately seeking a conservative candidate.)
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To: BGHater

One Question:
When are they going to start drilling and delivering to a gas station near me?


21 posted on 03/26/2008 6:16:01 PM PDT by verga (I am not an apologist, I just play one on Television)
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To: BGHater
Las Vegas-based Arctic Oil & Gas

I sense an IPO and go pattern being run.

22 posted on 03/26/2008 6:16:48 PM PDT by RGSpincich
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To: BGHater

bump


23 posted on 03/26/2008 6:18:42 PM PDT by VOA
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To: RGSpincich

‘Las Vegas-based Arctic Oil & Gas’

Aka, Nigerian Arctic Pump and Dump.


24 posted on 03/26/2008 6:19:22 PM PDT by BGHater ($2300 is the limit of your Free Speech.)
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To: ketsu
IIRC the russians already claim it.

The Nautilus was there first!

25 posted on 03/26/2008 6:19:56 PM PDT by ScratInTheHat (Don't like my immigration stance? I'm dyslexic. PC keeps sounding like BS to me!)
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To: BGHater
but experts in polar issues have raised alarms about the firm's actions, saying they could disrupt efforts to create an orderly regime for exploiting resources and protecting the Arctic environment under international law rather than a marketplace model.

For those who need a translator, what this really says is that enviro wackos have are worried that they won't be able to prevent any drilling in the arctic under any circumstances.

26 posted on 03/26/2008 6:23:55 PM PDT by ModelBreaker
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To: SatinDoll
This is all is was talking about.... It's from TIME (dubious I know but seems to be correct here.)

The ice-frozen North Pole is currently a no man's land supervised by a U.N. Commission. The five Polar countries — Russia, the U.S., Canada, Norway and Denmark — each control only a 200-mile economic zone along their coasts.

And none of these economic zones reach the North Pole. Under the current U.N. Maritime convention, one country's zone can be extended only if it can prove that the continental shelf into which it wishes to expand is a natural extension of its own territory, by showing that it shares a similar geological structure.

27 posted on 03/26/2008 6:24:19 PM PDT by eyedigress
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To: BGHater

I stopped reading after “rapidly melting areas of the central Arctic Ocean.”


28 posted on 03/26/2008 6:26:56 PM PDT by denydenydeny (Expel the priest and you don't inaugurate the age of reason, you get the witch doctor--Paul Johnson)
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To: ketsu; DoughtyOne
Russia's claim was to the Lomonosov ridge only. This private sector group is seeking the entire arctic commons.

Also Russia's claim was based on the ridge being part of their shelf, while this private sector company is seeking the seabed.

This US private sector group cannot make claims on the seabed unless the US signs the treaty

29 posted on 03/26/2008 6:27:07 PM PDT by Ben Ficklin
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To: FormerACLUmember

I’d rather have Tony’s crew running it than the UN. The street tax would be a LOT less.


30 posted on 03/26/2008 6:28:50 PM PDT by joebuck (Finitum non capax infinitum!)
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To: wastedyears
How much ya wanna bet that claim gets lost in the UN's basement mailroom?


31 posted on 03/26/2008 6:40:57 PM PDT by Viking2002 (I hope the AG pounds the Mann Act up Spitzer's ass with a sharp stick.)
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To: BGHater

We’d better get the Burns Slant Drilling Co. on retainer PDQ.


32 posted on 03/26/2008 6:49:06 PM PDT by NonValueAdded (Who Would Montgomery Brewster Choose?)
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To: BGHater

Pump the middle east dry. Then sell them our oil for 1,000 dollars a barrel.


33 posted on 03/26/2008 7:26:27 PM PDT by BenLurkin
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To: BGHater
Las Vegas-based Arctic Oil & Gas has raised eyebrows around the world with its roll-of-the-dice bid to lock up exclusive rights to extract oil and gas from rapidly melting areas of the central Arctic Ocean, currently beyond the territorial control of Canada, Russia and other polar nations.

They'll be rapidly freezing areas in about 6 months.

34 posted on 03/26/2008 7:58:08 PM PDT by xjcsa (Has anyone seen my cornballer?)
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To: wastedyears

“Can we tell Russia, Saudi Arabia and Venezuela to go shove it now?”

For sure! Add that 400 billion barrels to the 500 in the Bakken Formation and the World will be back to kissing our arses for a change. But we need at least seven new refineries before we can get too cocky with them I fear.


35 posted on 03/26/2008 8:15:27 PM PDT by Birdsbane (If You Are Employed By A Liberal Democrat...Quit!)
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To: BGHater

i’m selling plots on the moon. i’ve gotten the okay from the un so the moon is legally mine.


36 posted on 03/26/2008 9:54:07 PM PDT by californiabear832
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To: Ben Ficklin

Good. I hope we don’t sign on. It sure says something about this corporation that they would go straight to the U.N. to make the claim. Evidently they recognize it’s self-proclaimed authority on everything.


37 posted on 03/26/2008 10:39:31 PM PDT by DoughtyOne (New Europe, John Benedict Arnold McCain's bridge to 07/03/1776. Not even our past is safe.)
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To: ModelBreaker

Any Polar Bears out there.?


38 posted on 05/17/2008 10:05:29 PM PDT by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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