While many may think the Arctic is just a frigid barren land, it actually holds much of what the world needs today. With an estimated 90 billion barrels of oil lying near the Arctic Circle, oil companies have long been after this lucrative area. With oil a top resource throughout the world, it has been used rigorously throughout the course of our existence. With that said, this region remains the last unexplored area that is said to contain oil. So yes, in the Arctic lies the last untapped oil source. While that could sound frightening, it actually isn’t. Oil remains abundant for the time being and should anyone ever begin to drill here, we should be sure to have plenty more.
With drilling technology advancing at a vast pace, we are able to drill for more oil at a faster pace. As we continue this process, while we are getting to the oil we need quicker, it also means we’re losing more oil that is left available to us. As climate continues to ever so change, people are fearing that with ice caps melting in the Arctic, we may never have a chance to get to said oil.
While it may seem so simple to just go there and drill, it actually is not. Oil companies need to acquire the right equipment and permits in order to drill and many different companies have had their problems along the way. For example, Shell failed to acquire permits in time and saw their oil spill containment dome demolished during testing. Before entering the Arctic, where essentially the most important abundance of oil currently lies, these companies really have to have everything set up and ready to the max, or they can fear the responsibility for squandered oil.
Ultimately, after a two year hiatus, Shell plans on making a return to the Arctic more prepared this time around. Whether or not they make it to the actual drilling stages, Shell estimates that they’ll spend roughly $1 billion on its Arctic program. For more on this article, check this out here.
For more, please visit Dr. Larry Mayer‘s official website.