Marine Link
Sunday, September 25, 2016

Arctic Economic Potential: Scholarly Briefing Published

May 28, 2013

The need for a comprehensive and risk-aware understanding of Arctic dynamics before proceding with development is emphasised in a recent research paper.

The melting of the Arctic is expected to offer prospects for maritime transport and hydrocarbon exploitation that could potentially create an Arctic economic boom.

In principle, more accessible Arctic sea routes could offer substantial savings in logistics between Asian, American and European markets when compared to the current global maritime trade routes via the Panama and Suez Canals.

It is estimated that as much as 13 per cent of undiscovered oil deposits and 30 per cent of undiscovered gas deposits on the globe are located in the Arctic area. These hydrocarbon prospects are further estimated to make the Arctic area a major global energy hub.

However, the extent and pace of overall Arctic development is still difficult to forecast. There are many uncertainties and challenges in the Arctic environment, infrastructure, technology and global economy that may hinder the expected trajectories.

What is needed is an informed, comprehensive assessment of the risks and gains related to the development of the Arctic, conclude authors Harri Mikkola & Juha Käpylä.

To download the report in PDF click here.
 



Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News