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The Arctic is one of the hot spots, so to speak, in the global drilling effort. In 2008, the U.S. Geological Survey (USGS) estimated that 90 billion bbl of undiscovered, technically recoverable oil, 1,670 Tcf of technically recoverable natural gas and 44 billion bbl of technically recoverable natural gas liquids (NGLs) were contained in the area north of the Arctic Circle. The assessment noted that about 84% of estimated resources were offshore. These resources, according to the USGS, account for 22% of the undiscovered, technically recoverable global resources, including about 13% of undiscovered oil, 30% of undiscovered natural gas and 20% of undiscovered NGL.
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