Why are there the largest oil reserves in the deserts and the Arctic? And why are the big corporations gradually giving up their projects in the Arctic? Questions answered by a report published by the American oil price website.
Report author Alex Kimani says that a group of analysts expect oil demand to return to levels close to levels reached before the epidemic, while others expect a deficit and a rise in prices. Read also A new discovery … Tides are the cause of methane emissions in the Arctic Nuclear threat .. Melting ice reveals what was hidden in the depths of the Arctic Arctic soils store huge amounts of carbon that are released once it is thawe dIn just 500 years, the melting of the Arctic ice caused the sea level to rise to 18 meters
Most experts agree that fossil fuels will remain the most prevalent energy source for a decade, perhaps even two, depending on the speed of the energy transition.
The US Geological Survey estimates that the Arctic National Wildlife Refuge in the northeastern part of Alaska has reserves equivalent to 12 billion barrels of oil, or nearly 27 percent of the 43.8 billion barrels of proven US oil reserves.
Plate tectonics are our best guide to understanding why deserts and arctic regions contain some of the largest hydrocarbon reserves on Earth. Tectonic plates create a “pressure” that slowly converts organic matter into oil and gas, but other important sites with large reserves include river deltas and borders. Continental.
The author explained that oil and gas are often formed as a result of the accumulation of dead microorganisms in environments with very low concentrations of oxygen, which hinders the process of their decomposition.
Modern ocean basins that usually form as a result of tectonic plate movement and continental rift provide the perfect conditions for the rapid burial of these organisms in low-oxygen waters. Rivers usually fill these basins quickly with sediments containing copious amounts of organic residues.
One of the best examples is the Gulf of California, which formed less than 6 million or 10 million years ago, a much faster rate than most ocean basins in the world. The Gulf of Mexico is another great example of the potential for new oil and gas to be formed in a restricted environment.
The Libyan desert and the ocean of Teths
The writer pointed out that the tectonic plates themselves that provide ideal sites and conditions for burial in hypoxia are also responsible for some events, such as continental drift, subduction and collision with other continents that determine the geological paths that sedimentary basins usually take.
For example, Antarctica contains large deposits of coal, and it is very likely that there will be abundant quantities of oil and gas, while the Libyan desert contains unmistakable ice scars, proving that its plates were once on the other ends of the earth.
Because these hydrocarbons are more powerful than water, they eventually make their way to the surface, or through fracturing and collisions between land masses and other tectonic forces.
When it comes to the Middle East, the most realistic theory about why the region contained huge quantities of oil is that it was not always a vast desert, and scientists believe that nearly 100 million years ago the region was a huge body of water known as the “ocean of Tethys” and fed by rivers. .
As the land level in the modern Middle East gradually rose due to tectonic activity, the “ocean of Tethys” has receded Leaving behind the dry sandy desert of the Middle East.
Excavations have stopped at the Arctic
In implementation of the procedures of the oil file and the environmental policy that he promised to adhere to during his election campaign, US President Joe Biden imposed a “temporary suspension” on all operations of issuing oil and gas leasing permits in the Arctic National Wildlife Refuge in Alaska.
Conversely, there are several reasons why major companies may continue to avoid drilling for oil in the Arctic even if the Biden administration lifts the ban.
The writer explained that the main reason why these companies are largely uninterested in Arctic exploration is the decline of many potential supporters.
In 2019, Goldman Sachs became the first US giant to stop financing new oil drilling in the Arctic, as well as new thermal coal mines anywhere around the world.
According to the bank’s environmental policy, climate change is one of “the most important environmental challenges of the 21st century”, and it has pledged to help its clients manage climate impacts more effectively, including selling weather-related natural disaster bonds.
The giant bank has also committed to invest $ 750 billion over the next decade in areas focused on climate change.
Following in his footsteps, all of the five major US banks and more than 60 financial institutions around the world have pledged to restrict or halt funding for Arctic oil drilling.
The writer noted that the triple whammy of high production costs, lack of financial support, and hostile policies; All are factors that call for leaving the oil drilling in the Arctic National Wildlife Refuge to remain the “biological heart” of the area and a breeding ground for polar bears, reindeer and more than 200 other species of organisms for decades to come.