ABSTRACT
This chapter aims to grasp the oil and gas potential and business opportunities of the Arctic region through analyzing the activities of oil and gas companies. It examines whether the Arctic region could become one of the major provinces of oil and gas development in the future though it is under expensive operating circumstances and in a harsh and fragile environment. At the same time, 2014 was a time of the end of high oil prices, which hampered further oil developments in unconventional areas including the Arctic. The US Geological Survey's study was carried out by using its own simulation model based on the application of geological information on the known oil- and gas-bearing basins to a similar type of sedimentary basins in the Arctic. Arctic development has not been limited to Russia. The Chukchi Sea, offshore Alaska, has a longer history.
