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USGS surveys Alaskan oil and gas reserves

May 5, 2011 at 8:57 AM   |   Comments

WASHINGTON, May 5 (UPI) -- There are at least 273 million barrels of undiscovered oil and 18 trillion cubic feet of undiscovered natural gas in Alaska, the U.S. Geological Survey found.

The USGS conducted an assessment of the conventional oil and gas resources within the National Petroleum Reserve in Alaska.

It found that there were 273 million barrels of undiscovered oil that could be economically feasible to extract given an oil price of $72 per barrel. That figure goes up to 500 million barrels when considering a price of $90 per barrel.

For natural gas, assuming a price of $8 per thousand cubic feet, there is about 18 trillion cubic feet of undiscovered gas in Alaska. That figure increases to 32 trillion cubic feet if the market price for natural gas is $10 or more per thousand cubic feet.

The agency defines economically recoverable resources as those that can be sold for a price that covers costs associated with extracting and delivering the reserves to the market.

Estimates don't include reserves that haven't been developed, the USGS said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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