U.S. Boosts Oil Estimates in Alaska’s National Petroleum Reserve

The U.S. Geological Survey estimates 8.7 billion barrels of oil and 25 trillion cubic feet of natural gas are contained in formations in and near the National Petroleum Reserve-Alaska in an updated assessment released Dec. 22.

A 2010 resource assessment estimated a mean of 1.5 billion barrels of oil, the Interior Department said in a news release.

Offshore, in the Beaufort Sea Outer Continental Shelf planning area, there are an estimated 8.9 billion barrels of oil and 27.7 trillion cubic feet of gas. The updated assessment shows a net increase of nearly 700 million barrels ...