Climate change might be bad for Arctic oil industry

The rapidly melting ice in the Arctic might not facilitate the development of oil and gas fields in the Arctic, a group of researchers from the Econ Institute say. A new study from Econ reads that the dramatic meltdown in the North will trigger a new international climate policy with bigger focus on development of other alternative energy sources.
In addition, the development of the Arctic oil and gas fields is too expensive, the researchers say.

The developments in the Arctic will in any case have major consequences for the shipping industry and oil and gas industry. The meltdown in the region might not however necessarily facilitate the development of new oil and gas fields.

Researcher Mr. Bjorn Brunstad says to newspaper Dagens Naeringsliv that the dramatic Arctic meltdown will speed up the development of alternative energy sources, thus making the complex resources in the Arctic less attractive. –The likelihood of a development of Arctic oil and gas resources in the High North will be reduced, Mr. Brunstad adds. He believes the high development costs of Arctic fields will limit the number of projects initiated in the region.

Barents Observer