E&P Plus: Arctic Exploration Continues

According to the U.S. Energy Information Administration (EIA), the Arctic could hold about 22% of the world’s undiscovered conventional oil and natural gas resources.

The area above the Arctic Circle encompasses about 6% of the Earth’s surface area. While the Arctic is about the size of the African continent, most of the resource area is oceanic. About 33% of the Arctic is occupied by land. Another 33% of the Arctic consists of offshore continental shelves located in less than 500 m of Arctic Ocean water. The remaining 33% of the Arctic is in Arctic Ocean waters deeper than 500 m.