3^rd Global Geologists Annual Meeting

Geology Market

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According to Geological market Survey The area north of the Arctic Circle has an estimated 90 billion barrels of undiscovered, technically recoverable oil, 1,670 trillion cubic feet of technically recoverable natural gas, and 44 billion barrels of technically recoverable natural gas liquids in 25 geologically defined areas thought to have potential for petroleum. These resources account for about 22 % of the undiscovered, technically recoverable resources in the world. Geoscience Australia has been allocated $61 million in on-going funding to identify opportunities for oil discovery and collect seismic data.

Asia-Pacific's iron ore consumption increased from 348.2 million metric tons in 2000 to an estimated 1.6 billion metric tons in 2011. During 2012-2020, iron ore consumption in Asia is expected to increase at a CAGR of 5.2% to reach 2.6 billion metric tons in 2020. This is owing to rising demand from the steel industries of China and India, which are expected to account for a combined demand of 2.3 billion metric tons of iron ore by 2020.

North America is home to substantial high-grade iron ore reserves and, according to the United States Geological Survey (USGS) 2011, the region contributed around 13.2 billion metric tons towards global iron ore reserves at the end of 2010, accounting for an 8% share of total global reserves. The US, with potential reserves of 6.9 billion metric tons, or around 4% of the global iron ore reserves, has the largest iron ore reserves in the region, followed by Canada with a 3.6% share of the global reserves.