Sunday, August 8, 2010

Thoughts on Arctic Ice Melt

NRDC: Global Warming Puts the Arctic on Thin Ice
Oil giants zero in on untapped Greenland - Times Online
Arctic Oil and Gas Resource Report.

My thoughts:

-The Northeast passage will definitely become major transit points for shipment of goods between Northern Europe and East Asia

-Greenland will become a player in the crude oil market with ~20 billion conventional recoverable barrels in surrounding waters according to the last USGS estimate.

-The Arctic area directly north of Alaska and Canada will become an even more prolific source of oil and natural gas, to the tune of 30 billion recoverable barrels of crude (more than 1.5x the current total crude oil reserve of the US), 6 billion barrels of natural gas liquids and 220 tcf of natural gas

-Russian oil reserves will increase substantially, to the tune of 20-30 billion barrels, but its gas reserves will increase even more drastically to the tune of 300-600 tcf. It will also ascend the ranks of ammonia fertilizer and methanol producers with its cost advantage for feedstock.

No comments: