The United States Department of Energy recently requested that the NPC, National Petroleum Council, looked into the possibility and benefits that could come from developing the Arctic energy reserves. The study recently concluded and the report from the NPC shows that they are actually encouraging the development of this area in the near future, and they believe that it can hold a number of benefits, including complete energy independence.
What Did the Report Indicate?
The study’s findings were very promising. They found that the resources of oil and natural gas in the Arctic were very large, and that they could go a long way in meeting the energy needs of the US, and the rest of the world for that matter. This is good news for those who have long been saying that drilling in the Arctic was a good idea. However, one does have to temper the excitement with the fact that drilling in this area can be very difficult for a number of reasons.
The environment is naturally a factor. It is extremely cold and hostile, and that means that there needs to be the right equipment in place, so that those who have to work there are safe and comfortable. Fortunately, the oil industry has been quite successful in similar types of operations in the past, and there is already technology in existence that can help. Even better, new advancements and technologies are coming into the market all of the time, which can help to make drilling in the inhospitable environment even easier.
Do We Need the Arctic?
One of the questions that many people will have is whether we really have a need to drill in the Arctic. Since the boom in shale in the United States, it has already reduced the need for the country to import oil and gas from foreign nations. However, that doesn’t necessarily mean that we should avoid the Arctic now. Consider the timeline involved. We will not be able to start drilling for oil there tomorrow. It will take time to get everything, from the regulations to better equipment, in place so that it is feasible. It will still be some time before operations go live in the Arctic, and drilling means looking to the future more than just the present. The gain from drilling there could potentially provide energy security for the United States for decades to come, and that is certainly welcome news.
About Oil Works Inc.
Oil Works, Inc. is a complete drilling rig equipment manufacturer and service provider based in the Permian Basin for over 20 years. OWI’s product and service offerings include Derricks, Substructures, Drawworks Manufacturing, Mud Systems, Rig Walking Systems, Power Generation, Control Systems, Iron Roughneck Service, Quincy Air Compressors. We are a complete Drilling Equipment Manufacturer and build to API and ISO standards. OWI is also proud to offer 24/7 Service and Support.