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A study from 2009 estimates Arctic oil reserves to be 160 billion barrels of oil. Most of the reserves are in shallow waters -- less than 500 meters (about 1/3rd of a mile) -- making extraction relatively easy.
Previous US geological surveys indicates that there was an estimated 90 billion barrels of oil in the Arctic.
While the geologists estimate 13 percent of the world's undiscovered oil lies in the region, they also estimate that the region holds 30 percent of the planet's undiscovered natural gas reserves.
1,669 trillion cubic feet of natural gas, and 44 billion barrels of natural gas liquids may remain to be found in the Arctic, of which approximately 84 percent is expected to occur in offshore areas.
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