The Arctic: No big bonanza for the global petroleum industry
Petroleum companies and Arctic states are carefully watching the sea ice withdrawal and the future access to petroleum resources in the Arctic. We raise the question if the global market for petroleum will actually keep the door open for substantial supply of oil and gas from the Arctic, a region with almost a quarter of global undiscovered petroleum resources, but at high costs and long lead times. This makes future Arctic supply highly dependent on oil and gas prices, influenced by future supply of unconventional oil and gas and also by huge amounts of conventional gas in the Middle East coming on stream. We study the oil and gas supplies from 6 Arctic regions during 2010–2050 using the FRISBEE model of global oil and gas markets, based on Arctic resource estimates from the U.S. Geological Survey.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Norgaard, Richard B., 1990. "Economic indicators of resource scarcity: A critical essay," Journal of Environmental Economics and Management, Elsevier, vol. 19(1), pages 19-25, July.
- Finn Roar Aune & Solveig Glomsrød & Lars Lindholt & Knut Einar Rosendahl, 2005. "Are high oil prices profitable for OPEC in the long run?," Discussion Papers 416, Statistics Norway, Research Department.
- Finn Roar Aune & Knut Einar Rosendahl & Eirik Lund Sagen, 2008.
"Globalisation of natural gas markets - effects on prices and trade patterns,"
559, Statistics Norway, Research Department.
- Finn Roar Aune, Knut Einar Rosendahl and Eirik Lund Sagen, 2009. "Globalisation of Natural Gas Markets - Effects on Prices and Trade Patterns," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 39-54.
- Lars Lindholt & Solveig Glomsrød, 2011. "The role of the Arctic in future global petroleum supply," Discussion Papers 645, Statistics Norway, Research Department.
- Finn Roar Aune & Klaus Mohn & Petter Osmundsen & Knut Einar Rosendahl, 2007. "Industry restructuring, OPEC response - and oil price formation," Discussion Papers 511, Statistics Norway, Research Department.
- Reynolds, Douglas B. & Baek, Jungho, 2012. "Much ado about Hotelling: Beware the ides of Hubbert," Energy Economics, Elsevier, vol. 34(1), pages 162-170.
- Reynolds, Douglas B., 1999. "The mineral economy: how prices and costs can falsely signal decreasing scarcity," Ecological Economics, Elsevier, vol. 31(1), pages 155-166, October.
When requesting a correction, please mention this item's handle: RePEc:eee:eneeco:v:34:y:2012:i:5:p:1465-1474. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If references are entirely missing, you can add them using this form.