Recently in Arctic Oil and Gas Category

Call it poetic justice: faced with the loss of Arctic sea ice because of global warming, increasing polar bear sightings are being reported around coastal Alaska oil and gas operations, raising the possibility of dangerous encounters and disrupted operations.

We recently reported in this space and in Platts Oilgram News about the heightened interest in the hydrocarbon resources of the Arctic that are becoming potentially more accessible with the retreat of the of the polar ice under the assault of global warming.

It's been assumed that a great deal of oil and natural gas is beneath floor of the Arctic Ocean. The first-ever comprehensive resource assessment, undertaken by the US Geological Survey, suggests that's a reasonable assumption. The USGS concluded that about 30% of the world's undiscovered gas and 13% of undiscovered oil may be found in the area north of the Arctic Circle, mostly offshore under less than 500 meters of water.