Thursday, October 28, 2010

Less oil in Alaska reserve than once thought

SHOOT: The title should read 'a SHITLOAD' less oil in Alaska reserve than once pontificated.

By RACHEL D'ORO, Associated Press Rachel D'oro, Associated Press Tue Oct 26, 11:36 pm ETANCHORAGE, Alaska – A sprawling federal energy reserve on Alaska's North Slope contains less than one-tenth the amount of oil previously estimated, federal scientists said Tuesday.
The National Petroleum Reserve-Alaska, which covers an area slightly smaller than Indiana, has for years held much development promise for the oil industry. It was believed to contain billions of barrels of oil, prompting major energy players to put down stakes there.
But the U.S. Geological Survey said new data puts the amended estimate at just 896 million barrels of undiscovered oil. That's down from the agency's 2002 mean estimate of 10.6 billion barrels for the 23 million-acre reserve established in 1923 for energy development.
"This is both an abrupt — and for someone who does resource assessment — a disquieting change," said USGS research geologist Dave Houseknecht.

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