Arctic ‘has 90 billion of barrels of oil’

The Arctic may hold as many as 90 billion barrels of undiscovered oil and 30% of the world's undiscovered natural gas, the Financial Times reported the US Geological Survey (USGS) as saying.

The USGS said the Arctic continental shelf could be the world’s geographically largest prospect for oil, and could contain 46.73 trillion cubic metres of natural gas.

Exploration companies believe recent rapid ice melt in the Arctic may make it easier to get reserves out of the region. US president George W Bush has urged Congress to end a ban on drilling for oil in US coastal waters.

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