Regional report: The Arctic
Based on recent seismic surveys, the Arctic region—primarily offshore in Alaska, Canada, Russia and Norway—has the potential to contribute significant volumes of oil and gas, as much as 20% of the world’s undiscovered hydrocarbons. However, the Arctic may be the most challenging energy frontier that the industry has faced. Remote locations, harsh weather, moving sea ice and a short drilling season add to the cost, complexity and risk of operating in the Arctic. The region is also a focal point for enviromental advocates, who believe that any development will do irreparable harm. And efforts by Western companies to team with Russia, to explore and develop its Arctic fields, have been blocked, at least temporarily, by sanctions imposed because of the Ukrainian crisis.
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