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
Keywords
Arctic, undiscovered oil, undiscovered gas, West Siberian, Arctic Alaska, East Barents, East Greenland Rift, Yenisey-Khatanga, Amerasia, West Greenland-East Canada, Laptev Sea Shelf, Norwegian Margin, Barents Platform, Eurasia, North Kara, Timan-Pechora, North Greenland Sheared Margin, Lomonosov-Makarov, Sverdrup, Lena-Anabar, North Chukchi-Wrangel Foreland, Vilkitskii, Northwest Laptev Sea, Lena-Vilyui, Zyryanka, East Siberian, Hope Basin, Northwest Canadian Interior

1 1
1.1 List of Tables 1
1.2 List of Figures 1
2 Summary 1
3 Oil & Gas Exploration in the Arctic: A Potential, Which Needs To Be Tapped Cautiously 1
3.1 Arctic Region: The New Horizon on the Oil & Gas Exploration Frontiers 2
3.2 However, as Various Countries Continue to Dispute Over their Share of the Arctic, the Region’s Potential may Take Time to Materialize 4
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 7
3.4 Companies Are Proceeding With Their Plans to Explore the Potential Reserves in the Arctic 8
3.5 …but in their Pursuit of Resources, Various Stakeholders Need to be Cautious on the Environmental Front 9
3.6 Oil Spill Implications of Exploration and Drilling in the Arctic: Worse than the GOM Spill 9
3.7 Arctic Oil and Natural Gas Exploration may Pose Significant Challanges to Oil & Gas Companies 10
4 Appendix 11
4.1 Methodology 11
4.2 Contact Us 12
4.3 Disclaimer 12
1.1 List of Tables
Table 1: Arctic, Mean Estimated Undiscovered Technically Recoverable, Conventional Oil and Natural Gas Resources By Province 3
Table 2: Arctic, Crude Oil, Natural Gas, and NGL Resource Concentration for Provinces with the Greatest Share of Total Resources 4
Table 3: Selected Key Characteristics of the Arctic Relevant to Oil & Gas Activities and Their Effects 10
1.2 List of Figures
Figure 1: Arctic, Undiscovered Gas, Map 2
Figure 2: Arctic, Undiscovered Oil, Map 2
Figure 3: Major OGP and Basins Around the Arctic 4
Figure 4: Arctic, Probability Of The Presence Of At Least One Undiscovered Oil And/Or Gas Field With Recoverable Resources Greater Than 50 MMboe 4
Figure 5: Arctic Region With Adjoining Countries 5
Figure 6: Northwest Passage, Location Map 5
Figure 7: Bering Sea, Location Map 6
Figure 8: Hans Island, Location Map 6
Figure 9: Lomonosov Ridge, Location Map 6
Figure 10: Barents Sea, Location Map 7