The Arctic’s potential for hydrocarbon extraction is huge. The United States Geological Survey (USGS) estimates that approximately 13 per cent of the world’s undiscovered oil and 30 per cent of the world’s undiscovered gas deposits lie north of the Arctic Circle. But today, it is difficult to make the case for investing in operations there.
In March 2017, the All-Party Parliamentary Group for Polar Regions, held a parliamentary briefing entitled “Do oil and gas have a future in the Arctic?”, focusing on how economic sanctions, the decline in oil and gas prices, US and Canadian executive orders and the Trump presidency among others, affected the prospects for further oil and gas developments in the Arctic.
The speakers included:
- Robert Blaauw, RJBC Arctic & Energy
- Professor Michael Bradshaw, Warwick Business School
- Dr Carole Nakhle, Crystol Energy
- Geir Seljeseth, Norwegian Oil and Gas
The summary of the discussion is available here.