With 80 million people a year joining the global middle class, the world needs more petroleum for transportation, and gas for heating and electricity generation. Consequently, we believe that all energy sources will be needed in the future– including those in the Arctic.
The Alaskan Arctic is a high-cost operating environment. The location is remote, the climate is extreme, and the environmental regulations are some of the most stringent in the country. A good resource base exists in the Alaskan Arctic, but the easy oil is gone; getting to the remaining oil will require greater investment and improved technologies.