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23 comments on It would be nice, but . . . . . .

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Dave Cohen on October 24, 2005 - 11:49pm Permalink | Subthread | Comments top
Glad you brought this up. From Scandinavian Oil And Gas Magazine:
The Barents Sea - the ice-filled Arctic sea north of Norway and northwest Russia - is estimated to hold more than 40 billion barrels of oil equivalent
From Russian Oil And Gas Resources
Most estimates [Granberg et al., 1993; Malovitski et al., 1994] suggest that promising oil- and gas-bearing areas are found on about 90% of all Russian shelves. They cover 5.2-6.2 million square kilometers. Potential recoverable hydrocarbon resources of the Russian continental shelves are estimated within 90 to 100 billion tons of oil equivalent. Natural gas resources account for 80% of them.

Practically everywhere on the Russian shelf, the affinity between the offshore petroleum-bearing provinces and corresponding geological structures of the adjoining inland areas is found. Global experience indicates that in such cases, the oil and gas potential of the shelf fields is higher than that of the onshore accumulations.
But read the whole thing.

From Exploring the Barents Sea
Analysts estimate that the Arctic region holds a quarter of the world's oil and gas reserves. The Snohvit field has made Statoil the technological vanguard in the Barents Sea.
Again, read the cited article.

This whole polar oil subject is very interesting and there is a lot of optimistic speculation going on, especially since the Arctic regions are basically melting down due to the climate warming up there....
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Dave Cohen on October 25, 2005 - 12:10am Permalink | Subthread | Parent | Comments top
Sorry HO. I didn't make my point really. Western Siberia fields have little to offer as far as large future increased production goes as your post states and also from what I can ascertain from what little I've read. My point was simply that there's a large amount of unwarranted optimistic speculation that Arctic Ocean drilling offshore from Russia/Norway will save the day....
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peakearl on October 25, 2005 - 12:11pm Permalink | Subthread | Parent | Comments top
This is a lot of speculation. Simmons makes the point that oil doesn't count till a bit hits it. The Barents article mentions that 61 wells have been drilled, with some gas finds but only one oil find of modest quantity. Two more wildcats were drilled since that article, using the best modern technology available to indentify promising locations - both came up completely dry. Results are disappointing at best. A lot is riding on that "quarter of the world's supply" - which is so far not looking so good in practice. Hard information is surprisingly difficult to find - comes in bit & pieces, as below.

http://www.oilvoice.com/Eni_receives_Barents_Sea_drilling_goahead/4861.htm

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23 comments on It would be nice, but . . . . . .

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