The role of the Arctic in future global petroleum supply
The Arctic has a substantial share of global petroleum resources, but at higher costs than in most other petroleum provinces. Arctic states and petroleum companies are carefully considering the potential for future extraction in the Arctic. This paper studies the oil and gas supply from 6 arctic reg...
Main Authors: | , |
---|---|
Format: | Report |
Language: | English |
Published: |
Oslo: Statistics Norway, Research Department
2011
|
Subjects: | |
Online Access: | http://hdl.handle.net/10419/192627 |
id |
ftzbwkiel:oai:econstor.eu:10419/192627 |
---|---|
record_format |
openpolar |
spelling |
ftzbwkiel:oai:econstor.eu:10419/192627 2024-01-14T10:03:29+01:00 The role of the Arctic in future global petroleum supply Lindholt, Lars Glomsrød, Solveig 2011 http://hdl.handle.net/10419/192627 eng eng Oslo: Statistics Norway, Research Department Series: Discussion Papers No. 645 gbv-ppn:647229315 http://hdl.handle.net/10419/192627 RePEc:ssb:dispap:645 http://www.econstor.eu/dspace/Nutzungsbedingungen ddc:330 Q31 Q41 R10 Arctic oil market gas market equilibrium model doc-type:workingPaper 2011 ftzbwkiel 2023-12-18T00:44:01Z The Arctic has a substantial share of global petroleum resources, but at higher costs than in most other petroleum provinces. Arctic states and petroleum companies are carefully considering the potential for future extraction in the Arctic. This paper studies the oil and gas supply from 6 arctic regions during 2010-2050 along with global economic growth and different assumptions regarding petroleum prices and resource endowments. Supply is calculated based on a global model of oil and gas markets. The data on undiscovered resources for the Arctic is based on the estimates by USGS. Sensitivity studies are carried out for two alternative price scenarios and for a 50 per cent reduction of arctic undiscovered resources compared with the USGS 2008 resource estimate. Although a major part of the undiscovered arctic petroleum resources is natural gas, our results show that the relative importance of the Arctic as a world gas supplier will decline, while its importance as a global oil producer may be maintained. We also show that less than full access to undiscovered oil resources will have minor effect on total arctic oil production and a marginal effect on arctic gas extraction. The reason is that Arctic Russia is an important petroleum producer with a sufficiently large stock of already discovered resources to support their petroleum production before 2050. Report Arctic EconStor (German National Library of Economics, ZBW) Arctic |
institution |
Open Polar |
collection |
EconStor (German National Library of Economics, ZBW) |
op_collection_id |
ftzbwkiel |
language |
English |
topic |
ddc:330 Q31 Q41 R10 Arctic oil market gas market equilibrium model |
spellingShingle |
ddc:330 Q31 Q41 R10 Arctic oil market gas market equilibrium model Lindholt, Lars Glomsrød, Solveig The role of the Arctic in future global petroleum supply |
topic_facet |
ddc:330 Q31 Q41 R10 Arctic oil market gas market equilibrium model |
description |
The Arctic has a substantial share of global petroleum resources, but at higher costs than in most other petroleum provinces. Arctic states and petroleum companies are carefully considering the potential for future extraction in the Arctic. This paper studies the oil and gas supply from 6 arctic regions during 2010-2050 along with global economic growth and different assumptions regarding petroleum prices and resource endowments. Supply is calculated based on a global model of oil and gas markets. The data on undiscovered resources for the Arctic is based on the estimates by USGS. Sensitivity studies are carried out for two alternative price scenarios and for a 50 per cent reduction of arctic undiscovered resources compared with the USGS 2008 resource estimate. Although a major part of the undiscovered arctic petroleum resources is natural gas, our results show that the relative importance of the Arctic as a world gas supplier will decline, while its importance as a global oil producer may be maintained. We also show that less than full access to undiscovered oil resources will have minor effect on total arctic oil production and a marginal effect on arctic gas extraction. The reason is that Arctic Russia is an important petroleum producer with a sufficiently large stock of already discovered resources to support their petroleum production before 2050. |
format |
Report |
author |
Lindholt, Lars Glomsrød, Solveig |
author_facet |
Lindholt, Lars Glomsrød, Solveig |
author_sort |
Lindholt, Lars |
title |
The role of the Arctic in future global petroleum supply |
title_short |
The role of the Arctic in future global petroleum supply |
title_full |
The role of the Arctic in future global petroleum supply |
title_fullStr |
The role of the Arctic in future global petroleum supply |
title_full_unstemmed |
The role of the Arctic in future global petroleum supply |
title_sort |
role of the arctic in future global petroleum supply |
publisher |
Oslo: Statistics Norway, Research Department |
publishDate |
2011 |
url |
http://hdl.handle.net/10419/192627 |
geographic |
Arctic |
geographic_facet |
Arctic |
genre |
Arctic |
genre_facet |
Arctic |
op_relation |
Series: Discussion Papers No. 645 gbv-ppn:647229315 http://hdl.handle.net/10419/192627 RePEc:ssb:dispap:645 |
op_rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
_version_ |
1788058259150602240 |