Global concerns about future energy supplies combined with decreasing Arctic ice coverage in recent years has spurred interest in Arctic oil and gas reserves as a means to boost supply. This paper will examine the energy potential of the Arctic by first highlighting the projected quantity and location of oil and gas reserves. It will then consider the challenges posed by the environment on developments, review current Arctic operations, and examine the potential of resource conflicts attributable to unresolved border disputes. The paper will conclude with an assessment of future prospects for energy extraction in the region.
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