Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | Oil & Gas Exploration In the Arctic RegionThe Arctic has Approximately One-Quarter of the World’s Undiscovered Technically Recoverable Oil and Gas Resources
By: Rajesh Gunnam The hydrocarbon riches of the Arctic has been long known to the world but have remained unexploited due to its thick ice cover, harsh climatic conditions, lack of appropriate technology, and the high cost of recovering oil. Due to declining oil production from the existing onshore fields and the declining number of significant onshore discoveries, the oil producing nations and companies are turning to untouched areas with high potential for oil and gas resources. The high oil prices prevalent in the current market scenario and access to advanced technology are encouraging countries and oil and gas companies to exploit hydrocarbon resources in the Arctic region. Climate change is causing the polar ice-caps to melt and this is freeing area from under the ice for exploration and navigation in the Arctic region. The Arctic littoral countries, the US (Alaska), Canada, Greenland, Iceland, Norway and Russia have territorial waters in the Arctic Ocean that extend for 200 nautical miles from their respective coast lines. These countries are vying to extend their territories beyond the allotted extents to claim a greater area of the resource-rich Arctic region. This has given rise to disputes between these countries. For Sample Pages, please click or add the below link to your browser: http://www.globaldata.com/ The ice in the Arctic region is expected to melt and free more land in the future. The Arctic region is believed to currently contain about a quarter of the world’s hydrocarbon resources and other precious metals. The melting ice will also free crucial navigation paths between Europe and East Asia. The melting ice in the Arctic region has resulted in a race between Arctic countries to secure more land. Arctic littoral countries are increasing their military presence in the region to secure their Arctic territories, while also exerting ways to extend these territories. Disputes between Arctic littoral countries are a result of the ice-caps melting and the global urgency to locate more oil and gas resources as the existing levels fall. Construction of infrastructure in the Arctic region for oil and gas exploration requires huge investments due to the climatic conditions and the remote location of the region. Conducting exploration activities in the Arctic requires advanced technology that can withstand the harsh conditions of the Arctic, whilst minimizing damage to the environment. This will increase the cost of exploration and development in the region. Oil and gas exploration in the Arctic region is a high risk, high gain proposition for companies in the long run. Operating in the Arctic region will require highly experienced players that have the capacity to take and sustain risks. This will mostly restrict activities to large international companies with years of experience in oil and gas exploration. “Oil & Gas Exploration In the Arctic Region - Analysis of Exploration & Development Plans in this Environmentally Sensitive Area” is the latest report from GlobalData, the industry analysis specialist. The report highlights the oil and gas exploration potential of the Arctic region, providing details of the key exploration areas, major companies exploring the Arctic and the drivers and challenges of oil and gas exploration in the Arctic. The report discusses the leasing and exploration activities in the US, Greenland, Canada, Iceland, Norway and Russia, detailing concessions awarded, new licensing rounds, companies involved and the drivers and challenges to development. For further details, please click or add the below link to your browser: http://www.globaldata.com/ Visit our report store: http://www.globaldata.com/ For more details contact: pressreleases@ North America: +1 646 395 5477 Europe: Asia Pacific: # # # GlobalData is a global market intelligence services company providing information research and analysis products and services. End
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Account Phone Number