The Arctic region holds estimated technically recoverable resources of 90 billion barrels (bbls) of oil, 1,669 trillion cubic feet (tcf) of natural gas, and 44 billion bbls of Natural Gas Liquids (NGLs). According to the World Petroleum Resource Project undertaken by the US Geological Survey (USGS) in 2012, it has been observed that the majority of undiscovered the Arctic provinces of the Former Soviet Union (FSU). The majority of undiscovered natural gas in the Arctic Sea region is located in the Arctic provinces of FSU, followed by the Arctic provinces of north America and Europe.
International Oil Companies (IOCs) have developed a wide range of technologies that can be used for drilling purposes, both in offshore and onshore areas. Royal Dutch Shell (Shell) uses floating rigs for drilling exploration wells in offshore areas, meaning that once the drilling of wells has been completed the rig can be moved to other locations.
Although large ice masses are a concern for moving rigs, Shell uses specially developed vessels to manage the ice and protect the rigs. Shell has also developed various oil spill prevention and response mechanisms in order to prevent oil spills and minimize the impact of any spills that occur.
Develop business strategies with the help of specific insights into the oil and gas exploration activities undertaken in the Arctic by major IOCs.
Identify key drivers and challenges for exploration activities in the Arctic region
Plan your strategies based on knowledge of operations of major companies in the Arctic region.