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Petroleum exploration and production operations in the Arctic have faced concerns from organizations and governments about the potential for detrimental environmental consequences. Firstly, in the event of a large oil spill, the effects on Arctic marine life (such as Polar Bears, Walruses and seals) could be calamitous.
"The opening of ANWR is projected to have its largest oil price reduction impacts as follows: a reduction in low-sulfur, light crude oil prices of $0.41 per barrel (2006 dollars) in 2026 for the low oil resource case, $0.75 per barrel in 2025 for the mean oil resource case, and $1.44 per barrel in 2027 for the high oil resource case, relative ...
It was not Arctic exploration, however, since it was located south of the Arctic Circle and also outside the narrowly defined Arctic environment (see map). The definitive push into the Arctic took place in 1957 when Western Minerals and a small exploration company called Peel Plateau Exploration drilled the first well in the Yukon.
Panarctic Oils Limited was formed in 1966 as a result of the Canadian government's eagerness to encourage exploration of the Canadian Arctic islands and to assert Canadian sovereignty in the region. That company consolidated the interests of 75 companies and individuals with Arctic Islands land holdings plus the federal government as the major ...
Prirazlomnoye field is an Arctic offshore oilfield located in the Pechora Sea, south of Novaya Zemlya, Russia, the first commercial offshore oil development in the Russian Arctic sector. The field development is based on the single stationary Prirazlomnaya platform, which is the first Arctic-class ice-resistant oil platform in the world.
Petroleum production in Canada is a major ... (exploration and production of oil and ... Extensive drilling was done in the Canadian Arctic during the 1970s and ...
The Melville Island oil sands are a large deposit of oil sands (sometimes referred to as tar sands) on Melville Island in the Canadian Arctic Archipelago. [1] [2] Exploration for petroleum deposits in the Canadian Arctic Archipelago began, on Melville Island, in 1961. [3] Oil sands deposits were found in the Marie Bay region in 1962, and other ...
BP Exploration announced that they were shutting down the oil field indefinitely, due to the severe corrosion and a minor leak in the oil transit lines. [60] [61] This led to an 8% reduction in the amount of oil produced by the United States, as Prudhoe Bay was the country's largest oil producer, producing over 400,000 barrels per day (64,000 m ...