Arctic Oil & Gas, Corp., a petroleum exploration company, along with the consortium that it initiated to develop the "Arctic Commons" prospect, will follow the highly successful working models used to develop the largest oil and gas discoveries of the last forty years. Arctic expects to develop and manage the prospect, along with handling the international legal affairs, while partnering with a major independent oil exploration company and an additional two to four major oil and gas financial partners.
A recent article in the Wall Street Journal noted that, "Despite grueling conditions, interest in oil and gas reserves in the far north is heating up. Virtually every major producer is looking to the Arctic sea floor as the next -- some say last -- great resource play. One study, by U.K. consultants Wood Mackenzie and Fugro Robertson Ltd., puts reserves there at roughly 400 billion barrels, or 30% of the world's remaining supply."
Similar partnerships turned the North Sea into the backbone of the Scottish and Norwegian economies. The same spectacular results for the same model have taken place at Prudhoe Bay, Alaska and in several massive offshore plays in the Gulf of Mexico.
Peter Sterling, Arctic CEO, stated, "We have been well-advised to adopt this highly successful business model. This is the 'Harvard MBA' of international oil and gas business models and it seems that whenever it is used in developing a major prospect, it always works."
Sterling continued, saying, "Our legal development of the model will be in expert hands. I feel confident that our actions will assure the major oil companies that they are dealing with fellow professionals."
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