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There’s been a lot of talk about how much oil is left in the world, based on studies of future exploration and production. Often, especially politically, the oil is bantered about as if it were real. Now comes a report that just made some of that “paper oil” disappear – at least on paper. The study, Future of the Arctic, was prepared by Wood Mackenzie and Fugro Robertson, and it differs markedly from a previous study by the US Geological Survey (USGS), in part due to different methodology, but also because the ratio of oil to gas was “found” to be much lower.
The Arctic has been one of the areas of great hope for vast new resources, despite the obvious difficulties performing E&P operations under Arctic conditions. “The findings are disappointing from a world oil-resource base perspective,” said Andrew Latham, lead study author from Wood Mackenzie.
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