A 2008 United States geological survey estimated that areas north of the Arctic Circle have 90 billion barrels of undiscovered, technically recoverable oil (and 44 billion barrels of natural gas liquids) in 25 geologically defined areas thought to have a potential for petroleum.

This represents 13 per cent of the un­discovered oil in the world. Of the estimated totals, more than 70 per cent of the mean undiscovered oil resources are estimated to occur in five provinces: Arctic Alaska, the Amerasia Basin, the East Greenland Rift Basins, the East Barents Basins, and West Greenland/East Canada. It is further estimated that approximately 84 per cent of the undiscovered oil and gas resources are to be found offshore.*