THE ARCTIC: The World ’ s New Economic Frontier and Opportunity for Development, Shipping and Expansion by Ernst Frankel

THE ARCTIC: The World’s New Economic Frontier and Opportunity for Development, Shipping and Expansion by Ernst Frankel Professor of Mechanichal and Ocean Engineering, MIT First Frank Davidson Lecture Paris, France September 14th, 2012

US ALASKA RUSSIA CANADA GREENLAND NORWAY

Table 1

Exploration and production in the Arctic are subject to a broad range of challenges. Therefore, tomorrow’s footprint oil and gas field developments are required for the pristine environment of Arctic region (Source : IEA) • Remote location • Changing ecology • Icebergs • Sea ice conditions • Prolonged darkness • Mobile pack ice • Severe storms • Permafrost • Earthquakes • Sensitive environment • Deep water

Table 2 (1)

Table 2 (2)

Greenland has 5 potential areas for offshore hydrocarbon exploitation: Southwest Greenland Basin, East Central Greenland Basin, Kronprins Christian Basin, Baffin Bay and North Greenland Basin. Source: IHS CERA Kronprins Christian Basin North Greenland basin Greenland East Central Baffin Bay Greenland Southwest Greenland Basin

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Table 6 (2)

Table 6 (3)

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Table 7 (2)

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Table 8 (2)

Thank You

THE ARCTIC: The World ’ s New Economic Frontier and Opportunity for Development, Shipping and Expansion by Ernst Frankel