Science: Among the greatest uncertainties in future energy supply and a subject of considerable environmental concern is the amount of oil and gas yet to be found in the Arctic.
By using a probabilistic geology-based methodology, the United States Geological Survey has assessed the area north of the Arctic Circle and concluded that about 30% of the world’s undiscovered gas and 13% of the world’s undiscovered oil may be found there, mostly offshore under less than 500 meters of water.Oil resources are probably not sufficient to substantially shift the balance of power between oil producing countries, says the report.The USGS study had been controversial as recommendations by scientists to not allow drilling without a proper environmental impact study were ignored by the previous administration, says a story published in the Independent last year.
