The Arctic oil and gas market is worth $11.93bn in 2011, according to analysts. In a report by Visiongain, called The Arctic Oil & Gas Exploration & Production (E&P) Market 2011-2021, experts predict strong growth in the Arctic region for the next decade.
A shift from onshore sites to offshore, driven by high oil prices, is one reason for the rising appeal of the Arctic, said the report.
Huge estimated reserves in the Arctic have also attracted companies, teamed with better technology to cope with the harsh Arctic environment. The US Geological Survey estimates that 90 billion barrels of oil and nearly 1,700 trillion cubic feet of gas lie undiscovered there.