Russia and Norway lead slow Arctic development

However the region will remain a marginal energy producer for decades

Less than a decade ago the logic of Arctic oil and gas exploration looked irrefutable. The world needed more energy and the region offered explorers the last great untapped frontier. Arctic oil, some speculated, would help ease global supply tightness, keeping the market from overheating. In July 2008, as oil prices were trading at record highs, the US Geological Survey (USGS) released a survey showing the Arctic held oil and gas reserves of 412 billion barrels of oil equivalent. This amounted to 13% and 30% of the world’s remaining undiscovered oil and gas, respectively, the Survey said. Those numbers captured the mood. A rush to assert sovereignty over the Arctic followed. Russia had alrea