Petroleum exploration in the Arctic
[1] There have been many discoveries of oil and gas in the several Arctic basins that have seen extensive exploration over past decades but distance from existing infrastructure has often deterred development.
The USGS did not consider economic factors such as the effects of permanent sea ice or oceanic water depth in its assessment of undiscovered oil and gas resources.
[3][4][5] A recent study carried out by Wood Mackenzie on the Arctic potential comments that the likely remaining reserves will be 75% natural gas and 25% oil.
Approximately 1.9 billion barrels (300×10^6 m3) of oil and 32.4 trillion cubic feet (9.2×1011 m3)[7] of natural gas were found in 73 discoveries, mostly in the two basins mentioned above, as well as further south in the Mackenzie Valley.
In June 2007, a group of Russian geologists returned from a six-week voyage on a nuclear icebreaker 50 Let Pobedy, the expedition called Arktika 2007.
In 2021, following the election of a new executive, the Greenland government announced it would cease petroleum licensing and disband the state oil company Nunaoil.
In September 2012 Shell delayed actual oil drilling in the Chukchi until the following summer due to heavier-than-normal ice and the Arctic Challenger, an oil-spill response vessel, not being ready on time.
[19] In September, 2012, Statoil, now Equinor, chose to delay its oil exploration plans at its Amundsen prospect in the Chukchi Sea, about 100 miles northwest of Wainwright, Alaska, by at least one year, to 2015 at the earliest.
[20] In 2012 Conoco planned to drill at its Devil's Paw prospect (part of a 2008 lease buy in the Chukchi Sea 120 miles west of Wainwright) in summer of 2013.
Secretary of the Department of the Interior David Hayes stated that support for the permitting process for Arctic offshore petroleum drilling will continue if President Obama stays in office.
[24] Shell, however, announced in September 2015 that it was abandoning exploration "for the foreseeable future" in Alaska, after tests showed disappointing quantities of oil and gas in the area.
[25] On October 4, 2016 Caelus Energy Alaska announced its discovery at Smith Bay could "provide 200,000 barrels per day of light, highly mobile oil".
[1] Petroleum exploration and production operations in the Arctic have faced concerns from organizations and governments about the potential for detrimental environmental consequences.
Firstly, in the event of a large oil spill, the effects on Arctic marine life (such as Polar Bears, Walruses and seals) could be calamitous.
In 2021, the Greenland government ended plans for future licensing for offshore exploration citing high costs and climate change impacts.
