Oil and Gas in the Arctic: Legal Status and Reserves

When researching such a hot topic as development of oil and gas reserves in Artie it's crucial to answer 3 key questions. What is legal status of Artie reserves and Russian offshore zone in Arctic? Are there any gaps in international lawthatinhibits oil and gas development? How big are Arctic o...

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Autores principales:	N. N. Shvets, P. V. Beresneva
Formato:	article
Lenguaje:	EN RU
Publicado:	MGIMO University Press 2014
Materias:	artie oil gas legal status reserves estimates feasibility study long-term cost curve International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/e626ed6f04d149848768f461a87d9bb6
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id	oai:doaj.org-article:e626ed6f04d149848768f461a87d9bb6
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spelling	oai:doaj.org-article:e626ed6f04d149848768f461a87d9bb62021-11-23T14:50:57ZOil and Gas in the Arctic: Legal Status and Reserves2071-81602541-909910.24833/2071-8160-2014-4-37-60-67https://doaj.org/article/e626ed6f04d149848768f461a87d9bb62014-08-01T00:00:00Zhttps://www.vestnik.mgimo.ru/jour/article/view/160https://doaj.org/toc/2071-8160https://doaj.org/toc/2541-9099When researching such a hot topic as development of oil and gas reserves in Artie it's crucial to answer 3 key questions. What is legal status of Artie reserves and Russian offshore zone in Arctic? Are there any gaps in international lawthatinhibits oil and gas development? How big are Arctic oil and gas reserves? Are they well-explored? What are production costs of oil and gas in Artie? Is it profitable to develop reserves in Artie? The article addresses these vital questions with the detailed analysis. 1982 UN Convention on the Law of Sea partially regulates Artie legal status but countries apply sectorial principal to Arctic territories to claim their rights. There are few border disputes left. The borders of Russian outer continental shelf are shaped by international law and bilateral agreements and undergoing final review within UN processes and mechanisms. Arctic reserves'estimates do vary significantly as the region is barely explored. According to with a high 2008 US Geological Survey and 2006 Wood Mackenzie and Fugro Robertson study Arctic reserves are about 10-15% of global reserves. Most of them are offshore (around 85%), and gas accounts for 80% of reserves. Russia has more than a half of Artie reserves. Under International Energy Agency it's profitable to develop Arctic oil reserves as production costs ($40-100 bbl) are below current and 2035 forecast oil price. On the contrary, gas production is questionable from costs point of view. Gas market is projected to remain regional. With Artie gas production cost of$ 4-12 million BTU, there is no business case to develop Artie gas in America and at the edge of profitability in Europe.N. N. ShvetsP. V. BeresnevaMGIMO University Pressarticleartieoilgaslegal statusreserves estimatesfeasibility studylong-term cost curveInternational relationsJZ2-6530ENRUVestnik MGIMO-Universiteta, Vol 0, Iss 4(37), Pp 60-67 (2014)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	artie oil gas legal status reserves estimates feasibility study long-term cost curve International relations JZ2-6530
spellingShingle	artie oil gas legal status reserves estimates feasibility study long-term cost curve International relations JZ2-6530 N. N. Shvets P. V. Beresneva Oil and Gas in the Arctic: Legal Status and Reserves
description	When researching such a hot topic as development of oil and gas reserves in Artie it's crucial to answer 3 key questions. What is legal status of Artie reserves and Russian offshore zone in Arctic? Are there any gaps in international lawthatinhibits oil and gas development? How big are Arctic oil and gas reserves? Are they well-explored? What are production costs of oil and gas in Artie? Is it profitable to develop reserves in Artie? The article addresses these vital questions with the detailed analysis. 1982 UN Convention on the Law of Sea partially regulates Artie legal status but countries apply sectorial principal to Arctic territories to claim their rights. There are few border disputes left. The borders of Russian outer continental shelf are shaped by international law and bilateral agreements and undergoing final review within UN processes and mechanisms. Arctic reserves'estimates do vary significantly as the region is barely explored. According to with a high 2008 US Geological Survey and 2006 Wood Mackenzie and Fugro Robertson study Arctic reserves are about 10-15% of global reserves. Most of them are offshore (around 85%), and gas accounts for 80% of reserves. Russia has more than a half of Artie reserves. Under International Energy Agency it's profitable to develop Arctic oil reserves as production costs ($40-100 bbl) are below current and 2035 forecast oil price. On the contrary, gas production is questionable from costs point of view. Gas market is projected to remain regional. With Artie gas production cost of$ 4-12 million BTU, there is no business case to develop Artie gas in America and at the edge of profitability in Europe.
format	article
author	N. N. Shvets P. V. Beresneva
author_facet	N. N. Shvets P. V. Beresneva
author_sort	N. N. Shvets
title	Oil and Gas in the Arctic: Legal Status and Reserves
title_short	Oil and Gas in the Arctic: Legal Status and Reserves
title_full	Oil and Gas in the Arctic: Legal Status and Reserves
title_fullStr	Oil and Gas in the Arctic: Legal Status and Reserves
title_full_unstemmed	Oil and Gas in the Arctic: Legal Status and Reserves
title_sort	oil and gas in the arctic: legal status and reserves
publisher	MGIMO University Press
publishDate	2014
url	https://doaj.org/article/e626ed6f04d149848768f461a87d9bb6
work_keys_str_mv	AT nnshvets oilandgasinthearcticlegalstatusandreserves AT pvberesneva oilandgasinthearcticlegalstatusandreserves
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Oil and Gas in the Arctic: Legal Status and Reserves

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