Regional Report: The Arctic

Seawater freezes at about 28.4°F. In the Arctic Circle, oil and gas operations start to freeze south of $50/bbl. Add a few rounds of sanctions and environmental politics, and the slush starts getting solid enough to lock up technology and capital. Harsh conditions, high risk, and low return are not easy companions. In the Arctic, all three are landing on oil and gas activity like a ton of ice. The fast pace of past years has cooled off considerably, as many operators seek alliances or alternatives, or simply stop drilling. It’s not in cold storage yet; Arctic oil and gas operations continue with various exploration, development and infrastructure projects. But doing business in the Arctic has become even more challenging.

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