Alaska Governor Sarah Palin recently stated, Alaska remains the most prospective oil and gas area in North America. Thanks to our attractive geology, our stable business climate and our reasonable government environment, Alaska continues to attract healthy interest from the global energy industry.
When petroleum production from the 48 states began to decline in the early 1970s, massive discoveries of Alaska's North Slope region offered hope of a new source of domestic oil. In fact, the Prudhoe Bay Field discovery in this region became the largest oil field in North America at 15 billion barrels of oil and 27 trillion cubic feet of natural gas. Since the discovery, over 10 billion barrels of oil has been produced and even today Prudhoe is recognized as America's highest yielding oil field with production averaging about 400,000 barrels a day.
While the global average size for technical discoveries was 40 million barrels of oil, the average discovery size above the Arctic Circle has been more than four times higher. Not surprisingly, interest in Alaska's energy is high with total acreage awarded on the oil-prone North Slope Basin in 2007 being the second all-time highest at 2,257 square miles.
According to the US Energy Information Administration website, ...experts believe that large oil and gas reserves in the State remain untapped... The National Energy Technology Laboratory concluded that the North Slope is not a mature petroleum province and could provide oil for years to come. The US Department of Energy believes there may be an additional 36 billion barrels of oil and 137 trillion cubic feet of natural gas over the state's current reserve estimates.
With proven potential and much left to be discovered, it is no wonder that Bald Eagle Energy, Inc. is excited about their projects' prospects.
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