While past estimates may have been inflated, and while the very highest environmental standards will need to be met at every stage, the economics are beginning to give a wavering green light to Arctic exploration, journalist Carole Nakhle writes for the International Herald Tribune. If the crude price stays anywhere near the present range; if world oil thirst continues to grow - even allowing for big efficiency increases and expanded use of green renewables; if the Middle East and other oil-producing regions […] get even more dangerous and less inviting, the attraction of the Arctic will grow, she adds. All the countries bordering the Arctic are positioning themselves with regard to the hydrocarbons in the region. While Norway’s StatoilHydro last year opened production at its Snohvit gas field - the first ever offshore field in operation in the Barents Sea - Russia’s Gazprom and its partners looks set to follow suit with its huge Shtokman field.
