According to the U.S. Energy Information Administration (EIA), the Arctic could hold about 22% of the world’s undiscovered conventional oil and natural gas resources.

The area above the Arctic Circle encompasses about 6% of the Earth’s surface area. While the Arctic is about the size of the African continent, most of the resource area is oceanic. About 33% of the Arctic is occupied by land. Another 33% of the Arctic consists of offshore continental shelves located in less than 500 m of Arctic Ocean water. The remaining 33% of the Arctic is in Arctic Ocean waters deeper than 500 m.

Already have an account? Log In

Thanks for reading Hart Energy.

Sign Up now to get unmatched coverage of the oil and gas industry’s entire landscape.

Free Access