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Big Oil Has Sights Set on Alaska Oil

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September 15, 2011 – Comments (0) | RELATED TICKERS: XOM , CVX , BP

Big oil has been focused on new drilling opportunities in two primary locations. One being the Gulf of Mexico, which we have posted a few articles about. Whats the second location? You guessed it,  Alaska. Why is there so much push for drilling here? The Trefis Team compiled the details explaining why Alaska is so appealing.

 

 "Drilling activity to rise in Alaska

The state of Alaska is looking to auction more than 14 million acres in the Beaufort Sea, on the North Slope and in the North Slope foothills towards the end of 2011 for exploration and production. [3] Alaska, which has seen its production decline every year since 2002, is under pressure to boost exploration activity to keep oil flowing through the Trans Alaska Pipeline system.

The Obama administration also has plans to sell leases in the National Petroleum Reserve in Alaska later this year. The reserve, once identified as a strategic oil reserve for the U.S. Navy, is estimated to hold around 900 million barrels of undiscovered oil and 53 trillion cubic feet of natural gas, according to the latest U.S. Geological Survey. [4] Companies such as Shell are already looking to begin operations in the Alaskan Northern Coast. [5]"

 

Find additional charts and research here: http://turnkeyoil.com/2011/09/14/big-oil-has-sights-set-on-alaska-oil/

 

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