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Just Found 12 Billion Barrels Of Oil On Ill-defined Border

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posted on May, 21 2005 @ 09:17 PM

Barring some miraculous discovery in Antarctica or somewhere, the vast majority of world oil reserves are in, and have always been in, and always will be in the Middle East:

This is incorrect. There is much confusion about oil reserves. First of all, it is usually calculated as the amount of oil that can be economically extracted at some specified price. As the price goes up, so do reserves as the marginal fields become economically feasible to extract, and old wells become uncapped (like the West Texas fields mentioned).

Secondly, people often focus on "conventional" reserves, forgetting about the Canadian oils sands, for example. See" target="_blank" class="postlink" rel="nofollow">

Venezuala also has significant oil sands deposits, and don't forget that even the US has very large oil shale deposits. See a brief notation of this at Wickopedia at The US Government has published a document called the "Strategic Significance of America's Oil Shale Resource". My apologies, but I couldn't make the link work, but do a Google search on that title and you can get it.

Bottom line: we're not running out of oil.

posted on Jun, 20 2005 @ 05:56 PM

Photo: Reuters

The norwegian Prime Minister was in Moscow today. While he was there he also signed a deal regarding the oil in the Barents Sea. I´m sure the russians made sure that they got what they wanted. Did you know that Putin is also a very good chess player?

Rigzone: Gazprom, Hydro and Statoil Sign Northern Areas Agreement

June 20, 2005

Gazprom, Hydro and Statoil will enter into a cooperation to identify oil and gas resources and develop technological solutions for oil and gas activities in far northern regions.

The agreement was signed on June 20th in Moscow during Norwegian Prime Minister Kjell Magne Bondevik's official visit.

The agreement should establish closer cooperation between the involved companies in their work to map out petroleum resources in the far northern regions of Norway and Russia. In addition to setting the course for the development of technological solutions for petroleum activities in the area, the agreement emphasizes identifying environmental conditions.

In the norwegian article (below) they also say that they all agreed that they should make an agreement very soon about where the borderlines should be. The article also mention that the deal they signed today was about fishing, defence matters and oil.

Related News Sources:
Aftenposten: Norsk-russisk avtale om Barentshavet (in norwegian...)

posted on Nov, 10 2005 @ 06:16 PM
Seems like they are "pals"... at least they pretend to be. We´re all one "big happy family" now after all. Hmmm... "a quarter of the world's undiscovered petroleum reserves"... interesting...

Aftenposten: Russia sees Arctic oil cooperation

10 Nov 2005

By some US estimates, the Arctic could hold a quarter of the world's undiscovered petroleum reserves.

"I am convinced that there will be a closer cooperation between the two countries in the energy sector," Russian Foreign Minister Sergei Lavrov said during talks with Nordic foreign ministers meeting in Harstad in the Arctic Circle.

He said the drive would not be derailed by a dispute last month over a Russian trawler, accused by Norway of illegally fishing in the Arctic, and a long-running controversy over setting a maritime boundary between the two countries.

Please visit the link provided for the complete story.

Related: Russian Fishingboat Elektron Kidnapped Two Norwegian Inspectors (PODcast-thread)

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