Wikibooks: Lentis/U.S. Arctic Oil Mining

• Format: Book
• Language: English
• Subjects: Arctic; Beaufort Sea; north slope; Prudhoe Bay; Alaska
• Online Access: https://en.wikibooks.org/wiki/Lentis/U.S._Arctic_Oil_Mining

=Introduction= Alaskan oil production began in 1977 after an estimated 9.6 billion barrels of oil were discovered in the Prudhoe Bay. As production continued into the 1980s oil was also discovered in the Arctic National Wildlife Reserve (ANWR) to the East the National Petroleum Reserve Alaska (NPR A) to the West and offshore areas to the North. However Prudhoe Bay oil depletion and limited development in the North Slope caused production to peak in 1988. http //www.api.org/oil and natural gas overview/exploration and production/alaska/northern alaska petroleum development This chapter examines how the social risks of arctic drilling may have contributed to this decline. =Benefits= =Oil Revenues= According to the U.S. Geological Survey the Arctic holds roughly 13% of the world’s untapped oil reserves. The Alaskan Arctic consisting of the Alaskan Northern Slope and parts of the Beaufort and Chuckchi Seas holds about a third of these resources estimated at 30 billion barrels of oil. Tapping these resources could yield notable profits for drilling companies and the nation. For example production from the Beaufort and Chuckchi Seas alone would generate $200 billion in revenues and annually provide 55 000 jobs nationwide over a span of 50 years. http //csis.org/files/publication/130710 Conley ArcticEconomics WEB.pdf Furthermore oil production would bolster Alaska s local economy through tax revenues and incomes from drilling activity. =Domestic Oil= On a national scale Alaskan Arctic oil production would increase our domestic oil supply and reduce the nation s dependence on foreign oil. Drilling oil just from the Beaufort Sea at 320 million barrels annually would cover 5% of the nation’s annual oil consumption for a span of 20 to 30 years. =Trans Alaskan Pipeline= Oil production in Alaska’s Northern Slope would also make operating the Trans Alaskan pipeline financially practical. Currently the Trans Alaskan pipeline is operating at roughly one third capacity from declining oil production in the North Slope. ...