Posted on 05/16/2002 1:31:41 PM PDT by knak
National Petroleum Reserve could hold 13.2 billion barrels
May 16 — The National Petroleum Reserve in Alaska contains far more oil than previously expected, the U.S. Geological Survey estimated Thursday — almost as much as in the Arctic National Wildlife Refuge, a battleground for environmentalists, the oil industry and politicians seeking to reduce U.S. dependence on foreign oil.
THE NEW Geological Survey assessment estimates that the recoverable oil reserves beneath the federally owned part of the reserve, which is the size of the state of Indiana, are between 5.9 billion and 13.2 billion barrels. Perhaps more significant, some 1.3 billion to 5.6 billion barrels would be economically viable at market prices between $22 and $30 a barrel, the agency said.
In its last full-scale assessment, in 1980, the agency estimated oil reserves between 300 million and 5.4 billion barrels.
Recoverable oil reserves beneath ANWR are estimated between 6.7 billion and 16 billion barrels.
The agency also said that technically recoverable, undiscovered natural gas in the reserve probably ranges between 39.1 trillion and 83.2 trillion cubic feet. Economic viability of the recovery of the natural gas would depend on having a pipeline to transport it to market, the agency said.
The 1980 assessment estimated gas reserves between 1.8 trillion and 20.4 trillion cubic feet. Last month, the Senate rejected oil drilling on the Arctic National Wildlife Refuge, but unlike the wildlife refuge, the reserve, west of the Prudhoe Bay oil field, does not require congressional approval for drilling.
The Bureau of Land Management will sell oil and gas leases June 3 on about 3 million acres of land in the reserve. The oil industry found potentially significant deposits during an initial lease sale on 4.6 million acres opened for exploration in 1999.
The National Petroleum Reserve was established in 1923 to give the Navy a source of crude oil during emergencies, though little was known at the time about the reserves underneath it. However, oil seeps and significant finds nearby, including at Prudhoe Bay, the largest U.S. oil field, excited interest in the reserve’s potential.
The Clinton administration allowed oil companies to begin drilling in the reserve in 1999 after a 15-year hiatus, but environmentalists sued to stop the drilling. A decision is pending.
The sales of leases had stopped in 1984 when no bidders came forward because oil prices were low and there was no infrastructure in place to get any oil to market.
How could that be possible?
some 1.3 billion to 5.6 billion barrels would be economically viable at market prices between $22 and $30 a barrel, the agency said.
Well, I don't know how they calculate that. New pipelines or use of the one there now?
Drill it. It is always "economically" viable when the costs fot giving more money to Saudi and keeping jobs at home are considered.
I bet that the wacko, leftist, communist environmentalists sued under the ultra fraudulent "Endangered Species Act" where any bunko filing immediately shuts down any business/private entity.
Drop in the bucket. Somewhat significant compared to all other U.S. oil reserves.
There are several billion barrels off the California coast that will continue to seep out of the ocean floor and foul the beaches, as it has done for several hundred years, but the enviro nazi don't want it tapped because it would prove that not drilling is the cause of the oil seepage. (they really love the environment, you know... NOT!)
I remember as kid going (in the 30's) to Oceanside California, before there were any drill rigs off shore and getting tar (crude oil) balls stuck to my feet...
It's time to drill for that crude so we can keep our SUV's and Pickup's roaring !!
My 425 HP, '01 F-150 Ford SVT Lighnin'...even old guys like to go fast... LOL
Freedom Is Worth Fighting For !!
Molon Labe !!
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