California Santa Barbara Channel Lease Applications Over Known Offshore Oil Accumulations
August 12, 2008 Filed Under: Oil and Gas 
Arctic Oil & Gas Corp., a petroleum exploration company, announce that The Company is a co-applicant for a group of offshore OCS and State leases in the Santa Barbara Channel covering known oil-gas deposits estimated to contain between 250 million to 500 million barrels of oil and gas equivalent. These resources have minimal geological risks being identified plays in known petroleum fields.
Eventually securing the leases will be subject to the State and Federal governments releasing the areas from the drilling moratoriums now still in force and accepting the applicant’s proposed royalty and operations plans. This might take some time.
Newer technology floating production and storage and offloading (FPSO) vessels can be placed far away from beach-adjacent subsea wellheads to ensure shore views are undisturbed. This will protect the local tourist industry and the quality of life of local residents will be enhanced by the reduction in air and sea pollution currently caused by natural oil-gas seeps, which will be substantially reduced by the Applicant’s production strategies.
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This project could generate significant oil revenues and provide $2.50 gasoline to Santa Barbara residents.
It’s critical to reduce the U.S. dependence on foreign oil. 10 billion barrels of untapped easily accessible oil lies offshore from California, according to the EIA.
Oil production in these areas for domestic energy would help to reduce natural oil-seeps pollution and reduce reliance on foreign oil and help stop America hemorrhaging $600 billion a year overseas.
The Company has also proposed landing natural gas from its 30% owned Bering Sea Gas project into the California gas pipeline grid via Santa Barbara County, paying significant County-State royalties and clean-fuel environmental benefits.
This Gas could supply fuel for cleaner, Compressed Natural Gas vehicles.
