EIA estimates ANWR reserves at 2.6 bn barrels
22-05-08 The US Energy Information Administration said the Arctic National Wildlife Refuge -- which is currently off-limits to drilling -- would likely produce 2.6 bn barrels of oil between 2018 and 2030 if it were allowed to be produced.
The start date of 2018 was set on the assumption that a law would be passed this year opening up the refuge. The report said production would start to decline after 2030. The refuge would produce 780,000 bpd in 2027, declining to 710,000 bpd in 2030, according to the agency’s mean projection.
Opening the area would cut the price of oil by 75 cents a barrel, according to the mean estimate.
The report was requested by US lawmaker Ted Stevens, a conservative from Alaska. Liberal politicians are opposed to tapping the reserve, but conservatives -- including, most recently, US Energy Secretary Sam Bodman -- have called for opening it up to help reduce the US’ dangerous dependency on foreign oil.
The Energy Information Agency is the statistical arm of the US EnergyDepartment.
Source: www.upstreamonline.com
