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Oil and Gas Exploration in the Arctic: A Potential, Which Needs To Be Tapped Cautiously
GlobalData, Dec 2010, Pages: 12
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 could affect the habitat of animals present in the region. Thus, stricter regulations combined with the right technology and careful implementation by companies to tap the vast potential of reserves is crucial for any significant exploration activity to be carried out in the region.
Scope
- Analyses the growing importance of Arctic region among oil and gas companies. Also analyses the concerns around the exploration and production activities in the region; countries' disputes over their claims on the Arctic; companies are proceeding with their plans to explore the potential reserves in the Arctic
Reasons to buy
- Understanding the oil and gas potential of the Arctic, challenges to explore and develop the resources, disputes among countries and the concerns around exploring and developing in the region
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