While few parts of the Arctic are seeing an uptick in exploration activity, most countries are making slow progress. The first major energy discoveries in the frozen expanses and frigid waters of the Arctic region date back to the 1960s. The U.S. Geological Survey (USGS) estimated that the Arctic holds about 47,289 Bcm (1,670 Tcf) of natural gas and 90 Bbbl of oil, which is 30% of the world's undiscovered gas and 13% of its oil. According to the USGS, the Arctic shelves may constitute the geographically largest unexplored prospective area for petroleum remaining on earth. Energy analysts believe that investment in the Arctic will be determined by profitability, which in turn depends on a number of factors, including global commodity prices, new technologies, development of infrastructure, legal and political climates, and environmental concerns, according to the Council on Foreign Relations.
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