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Alaska National Oil Reserve Estimate Cut by 90%

Source: USGS
There is about 90% less oil in the National Petroleum Reserve in Alaska than previously thought, the US Geological Survey announced 0ct. 26, 2010.

Because the new assessment finds more signs of natural gas than oil, the Survey lowered the estimate of oil to 896 million barrels from the 10.6 billion barrels estimated in 2002. The survey also lowered the overall estimate of natural gas to 53 trillion cubic feet of natural gas down from the previous 61 trillion cubic feet.

The USGS said that petroleum companies had been returning assets to the Federal government in recent years and noted there is no natural gas pipeline in the region to service greater natural gas production.

The figures came from the mean probability estimates based on drillings at about 30 sites. The new data, outlined in a fact sheet, suggest there is a 5% chance that the 2002 estimates were correct.

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