The Arctic: A Drifting Future

Over recent decades, the Arctic has been the focus of attention of many countries around the world. The region is not yet fully explored, but is believed to have plentiful natural mineral resources. This is particularly true for hydrocarbons, which are estimated to account for a quarter of the world’s reserves. Natural and climatic transformations, caused by global warming and the accelerated melting of Arctic ice, have led to the extension of the navigation season of the Northern Sea Route. Interest in Arctic oil and gas fields is growing due to the depletion of traditional onshore hydrocarbon deposits, rising prices and increased consumption. Despite the challenging conditions of hydrocarbon production in the Arctic, rapid development is expected in this region as main oil fields in Russia deplete. This has intensified the negotiation process and defined the international legal regime in the Arctic. This book explores the future of the Arctic, including geographical changes resulting from climate change, the region’s deposit of hydrocarbon resources, the Arctic’s international legal status, the state of scientific research in the Arctic, and more.