Changing climate? The future of the Barents Sea’s petroleum development in the age of energy transition
|Theme||1. Environmental protection|
|Session Name||1.12 Arctic resource geopolitics, oil and gas - actors, policies, platforms|
|Datetime||Sep 07, 2018 02:15 PM - 02:35 PM (UTC +3)|
|Author(s)||Jussi Huotari (Aleksanteri Institute, Finland)|
This presentation ponders around the question of oil and gas development in the Barents Sea. The Barents Sea comprises as an example of a potential future resource frontier particularly because of promising offshore oil and gas deposits. Albeit expectations and hopes for petroleum rents are high, the development is still in the early phase and only few projects are proceeded to actual production. Thus it is more imaginary than reality. Moreover, both states and market actors face major uncertainties, such as price volatility and transformation of the global energy supply picture as well as increased competition by unconventional fossil fuels and renewable energy. Beside global challenges, petroleum production in the region faces regional and local critique, particularly by environmentalists, fisheries and even some oil analysts. Despite the opposition, governments have supported oil companies’ exploration projects in a shallow and fragile Barents Sea. Using a range of sources, I examine how the changing climate influences in the geographical imaginaries of the petroleum development in the Barents Sea.
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