“What would happen if a Deepwater Horizon-type oil spill were to happen in the Arctic?” is a question Arctic coastal nations have been asking themselves for almost a year now. It is important to stress that this is not a high-flown hypothetical.
The USGS released a report in 2008 saying that there could be up to 400 billion barrels of oil equivalent reserves in the Arctic, comprising 6.7% of the world’s proven oil reserves and 26% of natural gas reserves, recoverable with current technology. Much of the world is waiting to see exactly how these resources will be exploited and who, if anyone, will ultimately reap the riches.
The Arctic hydrocarbon question has resulted in a flurry of interest in all things Arctic by many northern countries. With oil and gas in the equation, nearly every aspect of Arctic management becomes a geopolitical issue to any country with a stake in energy security.
By Teryn Norris & Clifton Yin
