Last Month, the National Petroleum Council released a study which found that “the U.S. has a large oil and gas potential that can provide national, economic, and energy security benefits.”
The study is titled, “Arctic Potential: Realizing the Promise of U.S. Arctic Oil and Gas Resources” and can be found at this link: http://www.npcarcticpotentialreport.org/
We encourage you to read through the study and let us know what you think and how CWN can best approach this subject in our programming.
The Alliance and the Resource Development Council jointly sponsored a panel discussion regarding the report.Video of the panel discussion and a PowerPoint presentation about the National Petroleum Council can be found by clicking here.
Excerpt from the National Petroleum Council’s press release:
If new offshore exploration drilling in Alaska starts now, and development continues into
the 2030s and 2040s, U.S. Arctic production would help sustain domestic supplies as
production of U.S. shale oil and tight oil may decline in the Lower 48 States, according to
the report, which cites U.S. Energy Information Administration forecasts.
“The study is a result of significant collaboration by Arctic experts from government, the
industry, non-government organizations, and Native Alaskans,” said Rex W. Tillerson,
Chairman and Chief Executive Officer of ExxonMobil and study committee chair. “We
concluded that technology exists today to safely and responsibly develop the U.S. Arctic
and is supported by nearly a century of experience in the region.”
The report said the Arctic environment poses some different challenges relative to other oil
and natural gas production areas, but is generally well understood.
There have been substantial recent technology and regulatory advancements to reduce the
potential for and consequences of a spill, and application of these technologies could
improve environmental stewardship, enable safe extension of the Arctic drilling season,
and reduce costs. The oil and natural gas industry has a long history of successful
operations in Arctic conditions enabled by continuing technology and operational
advances, the report said.