Less Oil in Petroleum Reserve-Alaska than Estimated

Steve Heimel, APRN – Anchorage

Federal scientists say it looks as if there is more gas and less oil in the National Petroleum Reserve-Alaska than they had earlier estimated.  The U.S. Geological Survey bases this on both better geological information and the fact that exploratory wells are finding gas rather than oil.  Its new report drops the recoverable oil estimate to 500 million barrels at a price of $90 a barrel.  The report assumes this would be the amount of oil found in the process of drilling for natural gas, which is now estimated at 18 trillion cubic feet at $8 per thousand cubic feet.

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