Module 2.4 Discussion Topic

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University of British Columbia *

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3991

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Geography

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Oct 30, 2023

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docx

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Uploaded by peterswa7837

Climate Change and the Arctic There are many difficulties in oil exploration and exploitation in the Arctic region, which is largely affected by goliat, the first major project in the Barents Sea. Although the goliat project is a pioneer in this field, it is not in itself the first oil field in the Barents Sea. The SN ó HVIT gas field project was put into operation ten years ago. The project focused on the development of liquefied natural gas (LNG), so it did not encounter the difficulties encountered by goliat project. Goliat oilfield is located in the North Sea, 50km northwest of Hammerfest, with an estimated recoverable reserve of 190 million barrels. There were a series of false alarms during the production period, followed by evacuation, and defects in the oilfield power grid. All this has exacerbated concerns that oil production in the Arctic will inevitably lead to operational risks. In view of Russia's contradictory position on the environmental impact of Arctic drilling, the influence of other factors has become increasingly obvious. The most important factor is cost-effectiveness. When Russia drafted its energy strategy in 2035, people still had high expectations that the Arctic would become one of the emerging oil frontier areas; it is estimated that by 2035, the oil production in the Arctic offshore area will reach 66000 barrels / day, 10 times the current level. Now, however, that expectation seems increasingly difficult to achieve. The cost of drilling in the Arctic is still hovering above $100 a barrel. This angered Russian energy officials. At the end of the day, abandoning the commercial value of about 130 billion barrels of oil and condensate in the Arctic is a very wrong decision. References https://thebarentsobserver.com/en/industry-and-energy/2020/04/after- futile-drillings-norway-excludes-barents-sea-proposal-new-oil

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