Alaska To Focus On Heavy Oil Extraction

Alaskan lawmakers will focus on developing a plan to extract 30 billion barrells of ‘heavy oil’ from its North Slope this spring.

 FAIRBANKS, Alaska —  Alaskan lawmakers will focus on developing a plan to extract 30 billion barrells of ‘heavy oil’ from its North Slope this spring.

Such a plan has been on the backburner because heavy oil is more expensive than the state’s natural gas supply to pull out of the ground.

Natural gas prices are at seven-year lows in comparison to oil which has become twice as costly in the same period, according to the Fairbanks Daily News-Miner.

However, looking at the bigger picture, 30 billion barrells is not much oil, especially if one-fifth of it is recoverable according to the Alaska Division of Oil and Gas.

“In the year 2000 alone, about 30 billion barrels of oil were consumed (worldwide,” wrote Peter Goodchild, author of Survival Skills of the North American Indians, published by Chicago Review Press.

What makes heavy oil so expensive is that its consistency is like that of honey, unlike light, sweet crude oil.

Other places where heavy oil is located include Canada and Venezuela.

In the last five years, ConocoPhillips, BP, and Italian firm Eni have staked out an investment in heavy oil

However, Conoco’s production has not increased in the North Slope due to its unforeseen complexities, said a spokesperson.