According to Statistics Norway (SSB) and Center for International Climate and Environmental Research (CICERO) staff, extracting these resources will only account for between 8 and 10 percent of global production in 2050. This is despite beliefs the Arctic contains around a quarter of the world's undiscovered oil and gas resources.
Extracting oil and gas elsewhere is cheaper. Recovery in the Arctic in the future will only therefore represent a small proportion of the world's oil and gas production, the joint report states.
"No big bonanza"
In their article, “The Arctic: No big bonanza for the global petroleum industry”, the researchers write that oil and gas prices must remain high in order for it to be profitable to recover petroleum resources in the Arctic.
“Nevertheless, petroleum prices will be influenced by availability, despite the already more easily accessible oil and gas in the form of so-called unconventional oil and gas, and through large petroleum resources in the Middle East,” says the report.Thus, activity in the Arctic will play a minor role as an oil and gas supplier, even though the region remains a relatively important supplier of hydrocarbons.
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