AOAG Begins Courting Major Oil Companies to Develop Arctic Commons
Arctic Oil & Gas Corp., a petroleum exploration company, announced that it is inviting major oil companies from Canada, Norway and Denmark to join the Arctic Consortium to explore and develop the Arctic Commons Abyssal property.
Arctic Oil and Gas Corp. and its partners made an international Arctic Commons hydrocarbons claim on May 9th, 2006 with the United Nations and the five Arctic countries. This claim is for the exclusive exploitation, development marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the "Arctic Claims"; an area of the Arctic Ocean that has no country's claims to it; or simply, the open area in between all of the Arctic-bordering countries.
Given the energy emergency facing the US today from the 1 million BBL/day decline of the Mexican Cantarell field and possible supply disruption of approximately 1 million BBL/day threatened by Venezuela, as well as ongoing instabilities in the Middle East, it is even more imperative that the US develops alternative supplies.
The Company believes that the Arctic Commons Abyssal represents an outstanding opportunity for secure long-term energy resources, without the supply interruption risks of other sources.
Peter Sterling, CEO for AOAG, stated that, "The Arctic Commons Abyssal Claim holds the promise of a world-class super-giant oil and gas province. It simply doesn't get any bigger than this in the oil patch. Shell just spent over $2 billion acquiring ten-year leases in the Alaska Arctic region from the MMS, over an area less than 5% of the area of AOAG's Claim, with perhaps 5% of the potential hydrocarbons resources."