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Trade Publication Article
Ongoing Activity in the Arctic
2017
Overview
Despite this massive supply of oil and natural gas, major oil companies are chilling on the Arctic, chased away by a combination of rigid US regulations, sanctions against Russia, and the shaky price of crude. Spanish company Repsol, for example, abandoned its leases for Alaska's Chukchi Sea in 2016, though in 2017 the oil giant and its partner Armstrong Energy announced the discovery of 1.2 billion barrels of oil on state land on the North Slope. Even though current oil prices are a challenge to Arctic oil and gas drilling, especially in the more difficult areas to develop, Vauraste points out that oil and gas companies eyeing the Arctic have a long-term outlook. Changing Environments Climate change is having a huge impact on the Arctic, Vauraste says-beyond melting ice and new trade routes-there remains concern over US protectionist moves and the decision to pull out of the Paris Agreement.
Publisher
Alaska Business Monthly
Subject
