Arctic oil & gas exploration market to hit $11.93bn in 2011 says new report
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According to the report “The Arctic Oil & Gas Exploration & Production (E&P) Market” theArctic is one of the final areas for oil and gas exploration. Strong oil prices, more advanced offshore equipment and diminishing sea ice are driving interest in theArctic. TheArctic contains a number of basins supporting positive geology for hydrocarbon occurrence, and with the Arctic onshore industry already having provided significant discoveries. The 141 page report has forecast that the Arctic oil & gas E&P market to be worth $11.93bn in 2011.
Although the industry will be faced with the restraints of overcoming environmental concerns, huge distances to market and challenging operating conditions, the Arctic oil and gas E&P market is likely to provide considerable opportunities for potential investors. The considerable oil and gas potential of theArcticand the high price of oil currently make this high risk, high reward E&P region one of the most exciting in the world.
Although theArctichas enormous potential, with the United States Geological Survey (USGS) estimating 90 billion barrels of undiscovered oil and 1,668 trillion cubic feet of undiscovered gas, a calculated and cautious approach to exploitation will be vital to optimal development. Due to the lack of geological data transparency in the Arctic, oil and gas exploration and production will be a high risk, high reward venture in which only the most experienced companies can compete.
Read more about the report “The Arctic Oil & Gas Exploration & Production (E&P) Market”
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