Is the Arctic the Last Great Oil Frontier?

With George W. Bush calling for more OPEC supplies and the price of crude pushing well past $100, is the moment for Arctic oil at last arriving?

While the estimates of oil and gas reserves under the ice remain as varied and uncertain as ever, the countries encircling the Arctic region are clearly starting to give the whole issue of polar hydrocarbons much closer attention than hitherto.
In short, while past estimates may have been inflated, and while the very highest environmental standards will need to be met at every stage, the economics are beginning to give a wavering green light to Arctic exploration.

If the crude price stays anywhere near the present range; if world oil thirst continues to grow — even allowing for big efficiency increases and expanded use of green renewables; if the Middle East and other oil-producing regions (like Venezuela) get even more dangerous and less inviting, the attraction of the Arctic will grow.

Travelling through the Arctic Sea recently on an ice breaker, courtesy of the Norwegian Foreign Ministry, with the Norwegian and German foreign ministers and a salad bowl of other nationalities, I listened to the multinational chatter among the experts and would- be explorers. The talk of hard commercial prospects had turned definitely positive.

Rigzone