USGS: the Barents Sea continental shelf there are 76 billion barrels of recoverable oil and gas reserves

According to the U.S. Geological Survey (USGS) said the Barents Sea continental shelf have marked more than 76 billion barrels of recoverable oil and gas reserves. USGS estimates of the Barents Sea four geological provinces have been found, conventional and technically recoverable oil resources, including 110 million barrels of oil and 380 trillion cubic feet of natural gas and 20 million barrels of natural gas liquids.

USGS is in the 2008 assessment. Located in the Barents Sea continental shelf north of the Arctic Circle, an area of 1,760,000 square kilometers, most of the water depth of less than 500 meters.

According to the USGS report said: "This region has most of the Arctic basin, some of the important features, including sparse data, the higher the uncertainty of the geological potential of oil exploration and exploitation of abundant resources, as well as the technical difficulty and so on."

Jul. 3, 2009

Iraq to re-Ajeel oil production project

June 27 news in Baghdad, the Iraqi North Oil Company, general manager of June 25 the Iraqi media in an interview with reporters said, from Iraq's Northern Oil Company's technical staff and engineers recently launched a project aimed at the restoration of Kirkuk is located in Ajeel Province oil fields oil production projects.

He said the 35,000 barrels of oil have on the oil production capacity. This field in 2003 after the US-British coalition forces invaded Iraq to stop oil production in Iraq's North Oil Company plans to complete this before the end of this year to re-start the project.

The city of Kirkuk from the Iraqi capital Baghdad, about 156 miles, the northern Iraqi city of Kirkuk is the center of the oil industry.

Jun. 29, 2009