Offshore Petroleum and Maritime Infrastructure

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Reports and presentations on the European Gas Market
European Gas Hub Analysis
Published 08/26/2015 by Arild Moe and Svein Vigeland Rottem

As of now only two offshore fields in the Arctic are under production. The speed and force of Arctic offshore petroleum exploration and development have abated somewhat in recent years.

 

Rising costs are a general problem for the petroleum industry, but particularly painful in areas that are already high cost, and perhaps marginal, like the Arctic.

 

The gas market revolution has made Arctic offshore gas much less commercially attractive. Furthermore, there is considerable public resistance to offshore petroleum activity in parts of the Arctic. In terms of maritime infrastructure, the overall conclusion is that not much is going on.

 

There is an abundance of plans, but not much firm investment. This goes for all parts of the Arctic. But unlike Alaska, Canada and Greenland, where there is little infrastructure to begin with, Russia benefits from investments in ports as well as icebreakers in the Soviet period.

 
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