Exploration of Oil in various parts of the World

The Turbo machinery Symposium of this year is to be held on October 4th till 7th, the presence of all the equipment manufacturers and service providers linked to the company is made mandatory. The Turbo machinery Symposium is conducted at the George R. Brown Convention Center in the Houston and the aim of the symposium is to discuss on the increased spending rate in the Oil and gas industries sited in the North America. The Power projects worth $77 billion in Northern part of America is to commence this year an initial payment of $32 billion was sanctioned for this project last year.  Shane Mullins, the vice president for Industrial Info for global enhancement declared that, there is mad clash for funds among the renewable energy developers since the current year 2010 comes to closure, and the American Recovery and Reinvestment Act of 2009 will grant funds. The American Recovery and Reinvestment Act will assign cash depend on the renewable energy plans and they will allocate till the year 2010 or it may extend till the next year. Shane Mullins hoped that the aim of the Turbo machinery Symposium will be on the wind turbines and the combustion turbines, which plans to produce 8,000 megawatts of wind power each year till the next three decades. There will be major examination on the combustion turbines and the natural gas construction will be enhanced and it produces plethora of business opportunities. Jesus Davis, Industrial Info Resources vice president declared that $14.6 billion was separated for the construction of the Oil and Gas projects. Many Oil manufacturing companies like BP Plc and OAO Gazprom are competing to explore the wealth in the Arctic region; this is supported by Canada, Russia, United States and Iceland. The exploitation of natural gas and oil in the Arctic region may lead to war or it may change the catastrophic climate, so it is not much wise to dig the North Pole frozen lands. According to the latest reports declared by the BP, it unveiled that the arctic region contains vast untapped oil and gas resources, and it estimated around 200 billion barrels of oil can be explored from this region which contributes around 50 percent of the total hydrocarbon in the world.  The recent disaster in the Gulf of Mexico has reduced the zeal of the BP, but if they are not ready to explore the resources other challengers will explore.  The arctic region is not only a source of natural resource, but it also provides a transport route between Europe and Asia and reduces the transportation cost and time.