Production on ice in the Arctic
Projects are moving glacially, if at all
DRILLING in the Arctic was always a tough sell on environmental grounds, even when the economics looked like they could stack up with oil above $100 a barrel. Now, at less than half that price, who really wants to plough billions into an Arctic frontier drilling campaign, even if they are allowed to? That’s not to say that governments or companies are ruling it out once and for all. The Obama administration cancelled several US Arctic leases last October but said in March 2016 that two of them, one each in the Beaufort and Chukchi seas, north of Alaska, could be auctioned in the future as part of its five-year offshore plan. Explorers won’t be holding their breath. The White House has aband
Also in this section
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
