Anyone in the drilling industry is probably well aware of the treasure trove waiting to be uncovered in the Arctic. According to reports, roughly 30 percent of the globe’s uncovered natural gas reserves reside in the Arctic along with an estimated 13 percent of the world’s oil. Before your start purchasing oil drill bits from Torquato Drilling Accessories, we want you to recognize the risks as well as the rewards of drilling in the Arctic.
The Rewards Drilling In The Arctic Brings
Even though it only makes up roughly six percent of the world’s total surface, the Arctic region accounts for a substantial amount of the Earth’s resources. Depending on which drilling circles you’re in and your sources of drilling information, you may also have heard that the Arctic is rich in hydrocarbons.
Countries that are clamoring to develop and explore their portion of the Arctic shelf include Canada, the U.S. and Russia. Even though these countries have secured the licensing permission necessary to explore offshore reserves, it’s only a small portion of the actions required to fully uncover the region’s abundant resources, much like having the right PDC bits is only a portion of a successful drilling operation. Oil giant Royal Dutch Shell has spent an excess of five billion dollars in an effort to strike black gold, all while seeing very little in the way of tangible results.
The Risks Associated With Drilling In The Arctic
There are several factors that make the Arctic a rather dangerous environment for drilling. The region isn’t known for its tropical weather conditions or its abundance of sunshine during certain times of the year. There’s also the fact that there are several areas that are covered by stubborn ice most of the year in addition to the intricate operational conditions as well as the costs involved with drilling in the area.
While your drilling company may not be ready or feel the need to conduct drilling in the Arctic, you can most certainly improve your drilling efforts elsewhere with the professional help of Torquato Drilling Accessories. Contact us today for more information on our drilling products.