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Oil and Gas Exploration in the Arctic: A Potential, Which Needs To Be Tapped Cautiously - Product Image

Oil and Gas Exploration in the Arctic: A Potential, Which Needs To Be Tapped Cautiously

  • ID: 1532088
  • December 2010
  • 12 pages
  • GlobalData

Oil and Gas Exploration in the Arctic: A Potential, Which Needs To Be Tapped Cautiously

Summary

Arctic is estimated to hold approximately 22% of the undiscovered, technically recoverable Oil & Gas resources (that can be produced using currently available technology and industry practices) in the world. The region accounts for about 30% of the undiscovered natural gas, 13% of the undiscovered oil and 20% of the undiscovered NGL in the world. The region’s importance is growing as melting ice of the Arctic Ocean is freeing up more navigable water, leaving significant petroleum reserves combined with newly opened trade routes up for grabs. However, there are disputes between Canada, Denmark (through its rights over the Greenland), Norway, Russia and the US regarding rights to use resources and security of transportation through Arctic ship routes.Oil & Gas companies are increasingly showing their interest in the unexplored areas of the Arctic. However, environmentalists and ecologists are raising concerns. One of the reasons for the concern is that an oil spill in the ice could be worse than the recent Gulf of Mexico (GOM) spill. Irreversible changes to the climate READ MORE >

1
1.1 List of Tables
1.2 List of Figures
2 Summary
3 Oil & Gas Exploration in the Arctic: A Potential, Which Needs To Be Tapped Cautiously
3.1 Arctic Region: The New Horizon on the Oil & Gas Exploration Frontiers
3.2 However, as Various Countries Continue to Dispute Over their Share of the Arctic, the Region’s Potential may Take Time to Materialize
3.3 …meanwhile, these Territorial Disputes have not Dampened the Spirits of Most of the Countries, Who Continue to Pursue their Interests in the Region
3.4 Companies Are Proceeding With Their Plans to Explore the Potential Reserves in the Arctic
3.5 …but in their Pursuit of Resources, Various Stakeholders Need to be Cautious on the Environmental Front
3.6 Oil Spill Implications of Exploration and Drilling in the Arctic: Worse than the GOM Spill
3.7 Arctic Oil and Natural Gas Exploration may Pose Significant Challanges to Oil & Gas Companies
4 Appendix
4.1 Methodology
4.2 Contact Us
4.3 Disclaimer

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