Drilling [Opportunities and Threats] in Arctic

Sitanshu Tiwari; Astha Tyagi

Abstract

AbstractTo drill or not to drill? The Arctic is changing and increasingly drawing the world’s interest. Perhaps the guarantee of this immense region was best compressed by the previous Secretary of State George Shultz, when he said that the opening of the Arctic is the best occasion in mankind's history since the happening to the ice age. As environmental change renders the Arctic progressively available, there has been a generous uptick in industry enthusiasm in the region; it is believed an expected $100 billion could be invested into the Arctic throughout the following decade. The Arctic consists of huge quantum of oil and natural gas reserves, the U.S. Geological Survey says that the Arctic could contain 1,670 trillion cubic feet (tcf) of natural gas and 90 billion barrels of oil, or 30 percent of the world’s undiscovered gas and 13 percent of oil. Energy companies are sure to be at the bleeding edge of Arctic advancement and investment. Keywords: Arctic, oil, natural gas, Energy companies. Cite this Article Sitanshu Tiwari, Astha Tyagi. Drilling (Opportunities and Threats) in Arctic. Journal of Offshore Structure and Technology. 2017; 4(2): 36–39p.