Arctic Economic Potential: Scholarly Briefing Published

Press Release/The Finnish Institute for International Affairs
Tuesday, 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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Offshore Service Vessels Design Innovation

It could be argued that no other sector of the maritime market has experienced a design innovation revolution quite like the Offshore Service Vessel (OSV) market.

Offshore: Seacor Raises the Bar Again

Long acknowledged as a firm to watch in U.S. crewboat and fast supply boat innovation, Seacor Marine will be attracting industry attention once again when its latest

Ecoshield Wins Industry Award

Subsea Industries, a Hydrex company, announced that its Ecoshield coating system, which offers protection from cavitation and corrosion/erosion damage for ship hulls,

Navigation

Nigeria Maritime Academy Gets Bridge Simulator

A NAUTIS Full Mission Bridge Simulator was purchased and delivered to the Maritime Academy of Nigeria in Oron. The new simulator will be used to provide qualitative

S.Korean Ferry Master Faces Investigation

The captain of the South Korean ferry that capsized off the southwest coast was facing a criminal investigation on Thursday, an official said, amid unconfirmed

KVH Precision Sensors for Geodetics' Inertial Navigation Systems

KVH Industries entered into a strategic partnership with Geodetics Inc., a leader in the development of real-time, high-precision position and navigation solutions.

Marine Science

GE Gas Turbines Power USS America

GE Marine reports that the United States Navy’s future USS America (LHA 6) amphibious assault ship recently completed successful acceptance sea trials powered by two GE LM2500+ marine gas turbines.

KVH Precision Sensors for Geodetics' Inertial Navigation Systems

KVH Industries entered into a strategic partnership with Geodetics Inc., a leader in the development of real-time, high-precision position and navigation solutions.

BOEM gives more time to submit plans OCS

The Bureau of Ocean Energy Management (BOEM) announced today the publication of its Final Rule to extend time requirements for submitting a Site Assessment Plan

Arctic Operations

Canada Opts Out of Arctic Council Meeting

Canadian Environment Minister Leona Aglukkaq stated that a principled stand had been taken by Ottawa against Moscow's intervention in events in Ukraine, reports

Treadwell: Arctic Security Should Be National Priority

Lt. Governor Mead Treadwell delivered the keynote address yesterday at the Arctic Collaborative Workshop in Fairbanks. Treadwell discussed five reasons why

Coast Guard Battles 24-inch Plate Ice

Coast Guard Cutters Morro Bay and Katmai Bay, homeported in Cleveland and Sault Ste. Marie, Mich., conducted ice breaking operations in Marquette, Mich., Sunday.

Offshore Energy

Offshore: Seacor Raises the Bar Again

Long acknowledged as a firm to watch in U.S. crewboat and fast supply boat innovation, Seacor Marine will be attracting industry attention once again when its latest

US 2014 Petroleum Production: Why Hubbert was Wrong

Combined production of crude oil, gas and condensates in the United States is on course to a hit a record this year, passing the previous peak set in 1972. The

POSH raises $311m in Singapore IPO

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1046 sec (10 req/sec)