The Prospects and Challenges for Arctic Oil Development

摘要: The role of the Arctic region in global petroleum supply over next decades is becoming a subject increasing interest as potential region’s geology revealed and shrinking ice cap makes drilling an increasingly feasible activity. Nevertheless, significant concerns remain, not least impact any hydrocarbon EP activity environmentally sensitive region. In addition, lack existing infrastructure likely high cost development geographically remote climatically harsh conditions mean that economics new project will depend to large extent on size discoveries oil price, which, turn, be impacted by other sources (for example, US unconventional oil) alternative energies. As result, although increased number countries suggests could become major source future supply, there are challenges – including sanctions resulting from Ukraine crisis met before this can realized. objective paper provide updated overview offshore gas developments discuss for large-scale province 20-30 years, thereby providing starting point production estimates analyzing how relevant such may (and gas) markets. argues most areas developed first Barents Sea Kara but various factors political, commercial, technological environmental have hamper development, particularly if conflict between Russia international community continues escalate, partnership critical resources country with largest geography successfully.