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April 3rd, 2013

Alaska’s Offshore Oil and Gas Drilling Efforts Have Only Just Begun

Alaska oil and gas reserves play a huge part in the federal administration’s push to make the United States energy-efficient over the next few years. Exploration activities have already begun in the state, but according to the Alaska Department of Natural Resources, these efforts have only just scratched the surface of the state’s vast reserves.

Alaska has not only a huge amount of oil and natural gas and other conventional resources, but also unconventional resources including shale oil, and viscous oil. It is also believed to have hundreds of trillions of cubic feet of shale gas.

According to the Geological Survey, Alaska’s North Slope holds more oil than any other Arctic nation. There are estimated to be 40 billion barrels of conventional oil in this area. The region also includes approximately 200 trillion cubic feet of conventional natural gas.

There’s almost no question about the size of Alaska’s oil and gas reserves. What is even more exciting for many oil and gas drilling companies currently here is that the reserves, for the most part, are unexplored. So far, there have been just 500 wells that have been dug for exploration along the North Slope.

According to the Alaska Department of Natural Resources Commissioner, the main reason why the state has continued to encourage low levels of exploration is due to cost competitiveness. Additionally, there’s also the fact that many oil and gas drilling companies find the frigid, icy and unwelcoming Arctic weather to be a deterrent. It is also the same icy environment that has raised concerns among Houston offshore injury lawyers about the risk of accidents and injuries, and the possibility of delays in getting emergency help out to distressed rigs and platforms.

Update 10/18: To learn more about Alaska’s offshore drilling in 2018, visit: https://www.rigzone.com/news/wire/construction_planned_to_prepare_alaskas_arctic_refuge_for_oil_drilling-08-jun-2018-155871-article/

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