Apex Resources Group, Inc. reports progress on the Beaufort Sea Exploration as Shell Oil Company spuds a dozen wells in the Beaufort Sea opening up a new frontier for the oil & gas industry. Apex Resources Group Inc. owns 3.745% working interest in the Itiyok 1-27 Well in the Beaufort Sea.

For more than a decade, Shell Oil Company has been preparing one of its biggest explorations in the Arctic Ocean, off the Alaska Coast, which could very well become a new frontier for the oil & gas industry. Shell is expected to start a controversial 3-year drilling program in August. It is expected to start drilling a dozen wells in the Beaufort sea about 30 miles off the Alaska coast.

Some industry experts have speculated it could spark a rush into one of the biggest untapped energy reserves. It is believed that the Beaufort Sea contains eight billion barrels of oil and nearly 30 trillion cubic feet of gas. The US Minerals Management Service gave Shell Oil Company the green light for the venture in February, despite fierce opposition from local communities and environmentalists.

BP already operates the North Star field on the coastline of Alaska’s North Slope (Shell Oil Company’s exploration activity is 20 to 30 miles closer to the Arctic fringe); if drilling proves successful it is expected that Repsol of Spain, Norsk Hydro of Norway and Conoco-Phillips of the US will follow Shell.

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