USGS revises estimates of Alaskan oil reserves

<10% of previous estimate

Jon Boyd, Nov 01, 10.

The United States Geological Survey has formed new, lower estimates of Alaskan oil reserves based on seismic surveys and exploratory wells, as reported by the Associated Press (via the Houston Chronicle):

Federal scientists say the National Petroleum Reserve-Alaska contains less than one-tenth of the amount of oil they previously estimated.

The U.S. Geological Survey says new data puts the new estimate at 896 million barrels of oil, compared with the agency’s 2002 mean estimate of 10.6 billion barrels.

The USGS also has cut its estimates of natural gas in the sprawling reserve, from a mean estimate of 61 trillion cubic feet to 53 trillion cubic feet.

The agency’s 2002 estimates ranged from 5.9 billion to 13.2 billion barrels for oil and 39 trillion to 83 trillion cubic feet for natural gas.

The USGS says its new numbers are based on factors including seismic surveys and drilling of more than 30 exploration wells.

(Photo credit: reurinkjan)