USGS Greenland Survey Shows Much Lower Resource Potential

[KingofNewOrleans]

http://www.rigzone.com/news/article.asp?a_id=49572

The northeastern shore of Greenland could provide the U.S. with significantly fewer billions of barrels of oil and gas resources than previously thought, the U.S. Geological Survey said Tuesday.

The lower resource estimate will mean that, as domestic production declines, the U.S. will have to increasingly rely on other major producers such as Russia, Venezuela, West African states and the Middle East.

The government agency said it believed the area - which lies under massive sheets of ice in water depths up to 500 meters - holds 9 billion barrels of oil, 86 trillion cubic feet of natural gas and 8 billion barrels of natural gas liquids that are undiscovered but recoverable.

The 2000 survey estimated 47 billion barrels of oil, 81 trillion cubic feet of gas, and 4 billion barrels of natural gas liquids.

Darn shame, go to all that trouble to thaw the place out and there ain't much there.

Also, the tone of the article almost makes it sound like writer views Greenland as part of the U.S.

[TechBear_Seattle]

1. Doesn't the northeastern shore of Greenland belong to Denmark?

Not that the Junta has ever shown itself to worry about niggling details of ownership; I'm just asking.

[hatrack]

2. 9 billion barrels? Sheesh . . .

About 1/3 the size of the Prudhoe Bay Complex - that's not going to move anybody's needle.

[GliderGuider]

3. I wonder if they're planning to ask Denmark before they start drilling?

9 billion barrels of oil. Maybe 6 billion recoverable. Two to three months of world consumption. All buried under ice, in an area where the oil has to come out by tanker through some of the most dangerous waters this side of the Strait of Hormuz. It doesn't seem like enough to bet a civilization on somehow...