Moreover, the North American Arctic is believed to be particularly attractive, with about 65% of the undiscovered Arctic oil reserves. consultants Wood Mackenzie and Fugro Robertson Ltd. This coincides with results from a study performed by U.K. Geological Survey’s often-quoted 2008 estimates contend that the Arctic contains 13% of the planet’s undiscovered oil reserves and 30% of the planet’s undiscovered natural gas reserves. With Prudhoe Bay fields in decline and the Alaska Pipeline carrying only a fraction of its capacity, developing additional oil fields in the area have broad national implications. government has essentially prepared for the U.S. With the 20 sales of Arctic offshore leases, the U.S. Yet, as Deputy Interior Secretary David Hays put it: “Regardless of what happens in the United States, there is no question there is going to be offshore development in other Arctic nations.” Arctic occurred with development of the onshore Prudhoe Bay fields in the 1970s, but new exploration was stymied by declining prices, environmental opposition (Arctic National Wildlife Refuge), and the inherent challenges involved in remote areas with ice-covered waters. The last great wave of oil and gas activity in the U.S. producers to “come and get it.” The challenges are considerable, as Shell’s long-awaited attempts to develop its $2.4 billion leases in the Beaufort and Chukchi Seas amply demonstrate. As the world price for crude oil has risen and remained above $100 per barrel, Arctic “black gold” beckons U.S. Great rewards are generally preceded by great risks. The Endeavor Management Alliance PartnersĪrctic conditions can be daunting with sea-ice as one of the most pervasive challenges.Gelb Research - Oil and Gas Industry Panel.Mediation, Arbitration and Legal Support Team.Leadership Development and Executive Coaching.Strategy Development and Implementation.
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