By Eric Loveday
Posted Sep 30th 2011 8:01PM
Although the Arctic has incredible potential energy resources – the United States Geological Survey (USGS) estimates 90 billion barrels of undiscovered oil and 1,668 trillion cubic feet of undiscovered gas – extracting that fuel will be costly.
A calculated and cautious approach to exploitation will be vital to optimal development, according to the UK-based analytical firm Visiongain. Due to the lack of geological data in the Arctic, oil and gas exploration and extraction will be a high-risk, massive-reward venture in which only the most experienced and wealthy of companies will compete.
Visiongain predicts that global spending on advanced oil and gas exploration technologies, including those used in the Arctic, will exceed $10.17 billion in 2011 and soar to exorbitant levels by 2021. Why all this spending? Well, as the world shifts to discovering hidden oil and gas deposits, the exploration industry will be required to use advanced surveying methods and outrageously expensive equipment. This kind of energy doesn’t come cheap.
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News Source: Visiongain