Arctic Energy Resources: A New and Challenging Frontier

Just recently, the National Snow and Ice Data Center reported that this year’s summer ice cover in the Arctic was the second lowest on record.  As a consequence of sustained melting that has begun to open Arctic waters, vast energy resources contained in the region are becoming more accessible to commercial development.  The U.S. Geological Survey has completed and released an assessment of undiscovered conventional resources in the region that estimated it to hold 90 billion barrels of oil and 1,669 trillion cubic feet of natural gas. However, production and delivery of these resources is dependent on a number of political and technical variables. Some of these include the resolution of outer limits of the continental shelf through the Law of the Sea Treaty, availability of economic and environmentally safe technologies to explore, produce, and deliver volumes of oil and gas, and the adoption of agreeable security arrangements (both maritime and environmental) in the region.

Recognizing the emerging strategic importance of the Arctic, the Center for Strategic and International Studies’ Energy and National Security Program in cooperation with the Office of Senator Lisa Murkowski, hosted a seminar to discuss resource potential in the region and issues of critical importance for commercial development.  During the program, the USGS  presented and took questions on their Circum-Arctic Resource Appraisal.  Following was a panel discussion that explained and offered solutions to some of the unique challenges faced in developmening the region.