Arctic Oil & Gas Corp., a petroleum exploration company, is pleased to provide its shareholders with an update as to the company's plans for the near future.
The Company's initial plans involve development and implementation of ongoing legal and political tenure strengthening strategies; conduct EM and later infill seismic Surveys via submarine or icebreaker; and conduct follow-up on seismic surveys via icebreakers.
AOAG controls 30% of a speculative claim over an 80 million acre area in the Arctic Abyssal; a vast prolific and undeveloped hydrocarbon basin region containing possibly the largest non-government controlled oilfields in the world today. The Company contends that with potentially enough oil and gas to supply America for 100 to 200 years, potential hydrocarbons in the Arctic could end the unstable Middle East supply problems once and for all.
The Wall Street Journal recently wrote, "... Recent estimates have found the Arctic could contain the equivalent of more than 400 billion barrels of oil and gas and massive amounts of another potential energy source, crystallized methane...."
Peter Sterling, CEO of the AOAG, commented, "With high oil prices and oil companies being locked out of easy locales by increasingly hostile governments, the time for the Arctic Ocean Commons Deeps has arrived."
He continued to say, "If Arctic Commons hydrocarbons can be extracted at less than $40 a barrel, it will make them not only comfortably profitable in world markets but also very competitive against alternatives. Tar sands and heavy oil are extracted at $40 per barrel and oil shale at around $70 per barrel. Even oil from enhanced recovery can cost up to $50. In short, while the very highest environmental standards will need to be met at every stage, the economics are beginning to give a serious green light to Arctic exploration."
Most Popular Articles
From the Career Center
Jobs that may interest you