Thursday - October 28, 2010

Oops

Oil prospectors at a remote Alaskan energy reserve have had their hopes of striking liquid gold dashed - after scientists discovered the vast plot contains just one tenth of the precious commodity they first thought.

The National Petroleum Reserve-Alaska (NPRA), which covers an area about one third of the UK in size, was believed to contain billions of barrels of oil, prompting major energy investors to buy up stakes there.

In 2002, the U.S. Geological Survey (USGS) estimated the 23 million-acre reserve contained 10.6 billion barrels of oil.

The U.S. Geological Survey says a revised estimate for the amount of conventional, undiscovered oil in the National Petroleum Reserve in Alaska is a fraction of a previous estimate.

The group estimates about 896 million barrels of such oil are in the reserve, about 90 percent less than a 2002 estimate of 10.6 billion barrels.

The new estimate is mainly due to the incorporation of new data from recent exploration drilling revealing gas occurrence rather than oil in much of the area, the geological survey said.

“These new findings underscore the challenge of predicting whether oil or gas will be found in frontier areas,” USGS Director Dr. Marcia McNutt said in a statement. “It is important to re-evaluate the petroleum potential of an area as new data becomes available.”

The organization also estimates 8 trillion cubic feet less gas than a 2002 estimate of 61 trillion cubic feet of undiscovered, conventional, non-associated gas—meaning gas found in discrete accumulations with little to no crude oil in the reservoir.

“Recent activity in the NPRA, including 3-D seismic surveys, federal lease sales administered by the Bureau of Land Management and drilling of more than 30 exploration wells in the area provides geological information that is more indicative of gas than oil,” the geological survey said.

The petroleum reserve in Alaska has been the focus of significant oil exploration during the past decade, stimulated by the mid-1990s discovery of the largest onshore oil discovery in the U.S. during the past 25 years, the organization said.

So gosh, what a coincidence. Suddenly we don’t have any oil up there, now that the guy who doesn’t want us to have use any oil is in charge. And you know what’s really sad? After two years of BS about “shovel ready jobs”, 10 years of being aware of the intense level of media bias out there, the utter erosion of any faith in science (thanks a lot you hockey sticks) and a steady stream of proven lies from both the government and the media ... after all of that, I don’t know if I believe them. How can we be sure this isn’t another case of accidentally missing a zero? We can’t. And it plays right into a certain socialist’s agenda. News, or lies? It’s not like I can run up there and put a dipstick in the ground. 

Posted by Drew458     on 10/28/2010 at 06:06 PM   
Filed Under: • Oil, Alternative Energy, and Gas Prices •  
• Comments (2) • Trackbacks(0)  Permalink •  

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