In 2000, the U.S. Geological Survey estimated that 25% of the remaining recoverable undiscovered oil and gas resources in the world were located in the Arctic region. Subsequently, the region became branded as a “new energy province” overnight. While more recent studies have been conducted, this early estimate attracted a number of applications for permanent observer status on the Arctic Council from an array of non-Arctic states, including China, Singapore and Italy, interested in gaining access to the debates concerning this new global hotspot. International commercial heavyweights, such as Shell Oil, Total, and ExxonMobil, are also realizing the lure of these natural resources. In particular, the North American Arctic–encompassing Alaska, northern Canada, and Greenland—has seen a rapid influx of such actors.
A closer examination of the actualities involved in oil and gas development in the “High North,” however, reveals a different picture. A combination of factors can help explain why the concept of Arctic oil and gas needs to be further investigated and nuanced before any accurate or reliable predictions can be made on the future of the region itself. Here’s why.
See full Article: http://www.fletcherforum.org/2013/04/09/osthagen/
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