You'd think that as geophysical technology advances, our estimates of recoverable reserves in the world's frontier areas would increase. In the case of Greenland's sea-ice stash, you'd be wrong. Yes, something is rotten in the state of Denmark's Arctic territory.
Back in 2000, the U.S. Geological Survey estimated that there were about 64.5 billion barrels worth of oil-equivalent resources lying below underwater ice sheets in northeastern Greenland. Now, they've come out with an estimate of 31.3 billion barrels of oil equivalent (BOE). Has ExxonMobil
If this latest estimate is indeed more accurate than the last, this news is rotten indeed. Suddenly we have 33 billion fewer future barrels flowing from a democratic state than we thought. That means more Russian bear hugs, more Chavez shenanigans, and more Borat bullying.
I have a hunch that Chevron
Today's news out of the frozen north just reinforces my contention that multinational oil companies are on a path to fill the role of service technician to the relatively resource-rich and knowledge-poor national oil companies.